Amazon was one of the few businesses during the government-mandated COVID shutdowns to truly thrive.
With most retail outlets throughout the United States closed by government dictate, most Americans had nowhere else to turn but Amazon's massive marketplace for many basic goods.
But now the company's major gains over the last two years have come completely undone:
Shares of Amazon have now given up all of their gains from the Covid pandemic.
Amazon stock was trading around $2,152 as of 11 a.m. ET on Tuesday. The last time it traded around that level was in February 2020, before the name dipped briefly in March 2020 along with the rest of the market during the initial pandemic uncertainty in the U.S. It's more than 40% off from the company's 52-week intraday high of $3,773.08, which it hit July 13, 2021.
I mean... $2,152 is still pretty darn good. That's nothing to sneeze at.
Still, a dip of that magnitude is concerning no matter how much you have left over after it's done. And so Amazon is now faced with the monumental task of once again selling its own soulless online retail front as a viable alternative to the more gratifying, communal, face-to-face form of commerce in which humanity has engaged for thousands of years.
Good luck Amazon, you've got your work cut out for you!
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