Emily Bary is a MarketWatch news editor based in New York.
Amazon.com Inc.’s stock AMZN, -5.55% is on track Wednesday for its largest one-day drop in more than eight months, as Alphabet Inc.’s GOOG, -9.70% GOOGL, -9.57% cloud-computing slowdown appears to be spooking investors. Amazon’s stock is off 5.7% in afternoon trading and on pace to log its biggest one-day percentage decline since Feb. 3, when it fell 8.4%, according to Dow Jones Market Data. Alphabet and Microsoft Corp.
both posted results Tuesday afternoon, and “the common denominator in these two prints the mention of ongoing optimizations,” Piper Sandler analyst Thomas Champion wrote in a note to clients. “Taken together, the momentum behind cost-cutting continues points to a steady-to-decelerating AWS growth print versus re-acceleration.” Amazon is due to post its own September-quarter results after the close of trading Thursday.
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