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Barchart
Barchart
Mohit Oberoi

Down 13% from 52-Week Highs, Is Amazon Stock a Buy Now?

Amazon Amazon.com Inc. AWS FAANG FTC e-commerce Meta United States

U.S. stocks - and especially the tech names that led a jaw-dropping first-half rally, which added over $4 trillion to the combined market cap of Nasdaq Composite ($NASX) constituents - have looked weak in the final stretch of September. Now, the S&P 500 Index ($SPX) and Nasdaq are headed for their worst month since December.

Amazon (AMZN) stock hit its 52-week high of $145.86 on Sept. 14, and has since fallen 13.4%. The drawdown in the stock is much deeper than what we’ve seen in the wider markets during this time frame. So, why is Amazon stock dropping - and should you buy the dip now?

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