Shares of tech giant Amazon.com Inc. (NASDAQ: AMZN) dropped more than 10% in just two sessions to start the month, immediately slipping into a technical correction. The move came after the company’s Q2 earnings report, a set of good results but not quite good enough to justify the 45% rally since April. While headline beats and solid performance across most business lines impressed, weaker-than-expected guidance took some of the shine off.
The pullback came right as the broader market was losing steam; only the opening short-term traders needed to lock in gains. For the bears, it was the long-awaited moment: a chance to finally see the deeper correction, if not the outright downtrend, they’d been predicting.
