00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Amazon shares were down by 3.15% at $238.25 in Thursday's pre-market trading as a more hawkish
00:11than expected Federal Reserve policy stance weighed on high-growth equities, according to Benzinga.
00:16The Federal Reserve kept rates at 3.50% to 3.75% while signaling a future hike and higher
00:24inflation,
00:25indicating borrowing costs will remain elevated longer than expected.
00:28High interest rates raise Amazon's financing costs and risk dampening consumer spending,
00:33threatening its retail and cloud revenue.
00:35Markets are watching Fed Chair Kevin Warsh's first press conference for clarity on inflation
00:39tolerance and the future rate path.
00:42Technically, Amazon is trading 6.3% below its 20-day moving average and 6.6% below its 50
00:48-day
00:49moving average.
00:50Key support stands at $226.50, with resistance at $275.00.
00:56For all things money, visit Benzinga.com.
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