Amazon stock moved to session low on the headline
Amazon has been sued by the D.C. Atty. Gen. over online retail pricing. The suit claims that Amazon policies prevent competition on price. Attorney General says Amazon has stifled innovation, raised prices and that third-party seller agreements serve to control prices. The Amazon fees to sellers, push the price of competitors prices higher.
Needless to say, a lawsuit does not include a guilty verdict but with the markets on edge, it has tipped the bias to the downside in the market.
The news headline has sent the shares of Amazon to a new session low and back below its 200 hour and 50 hour MAs. The 100 hour moving averages at 3215.50. A move below would be more negative from the short term technical perspective.
The broader NASDAQ index is trading down -26 points now at 13635.48. The low price just dipped to 13631.80. All three indices are now in the red.
The USD is also moving higher. The EURUSD, USDCHF, USDCAD, AUDUSD and NZDUSD are trading to new NY session highs.