Amazon sinks as US tech stocks continue to slide

Technology shares, which helped power the rise of the US stock market last year, are pulling it lower now. The tech-rich Nasdaq index dropped 0.85% or almost 60 points to 6,949.2 on Wednesday, driven by declines in firms such as Amazon, Tesla and Broadcom. Analysts said the decline reflects a confluence of factors, including a desire to lock in gains notched last year when technology stocks surged. Amazon shares closed Wednesday down 4.4%, continuing Tuesday's slide. Tesla shares fell another 7%, a day after US safety regulators said they were investigating a recent crash.

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