AMZN is slipping from last session's record highs
The Nasdaq Composite (IXIC) is down over 500 points at last glance, after the success of China-based artificial intelligence (AI) startup DeepSeek, which is making waves due to its cost-effectiveness. Its emergence sparked a global tech selloff, which is weighing not only on chip darling Nvidia (NVDA), but on stocks such as Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN) too, as the amount of money that's been poured into AI is coming into question.
At last glance, MSFT was down 3.7% at $427.28, headed for its largest single-day percentage loss since October. Technical support still lingers below at the 320-day trendline, however, which the stock hasn't dropped below in over a year. This moving average caught a pullback earlier this month. Year over year, the equity is up 6%.
AMZN is down 2.9% at $228.14, and falling from last session's record high of $236.40. The $220 region has provided a floor for pullbacks for the last couple months. Since last January, the equity is up 44.1%.