Amazon Inc. (AMZN) could do little wrong for most of 2018, but a recent dip and Wednesday's market-wide selloff has the e-retail giant in correction territory.
Shares of Amazon closed trading down 6.15% Wednesday afternoon, and the stock has fallen almost 14% since hitting a record high of $2,039.51 on September 4.
A correction is defined by most Wall Streeters as a decline between 10% and 20% from a bull-market high. Anything more than a 20% is then known as bear market territory.
Amazon, which is next in line to become the second company ever with a market capitalization above $1 trillion after Apple Inc. (AAPL) , closed with a market cap below $900 billion for the first time since August 3. At Wednesday's close, Amazon's market cap stood at $856 billion.
Shares of fellow FAANG stocks Facebook Inc. (FB) , Alphabet Inc. (GOOGL) , Netflix Inc. (NFLX) , and Apple were down 4.13%, 5.06%, 8.38% and 4.63%, respectively. The Nasdaq fell more than 4% on Wednesday.
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