Amazon.com Inc shares fell on Tuesday, with the e-commerce and cloud computing company’s market value closing below $1 trillion for the first time since the early days of the Covid-19 pandemic more than two years ago.

The stock fell 5.5% to close at $96.79, giving it a market value of $987.4 billion. Shares closed at their lowest level since April 2020 and have fallen 42% this year. At its peak on November 18, Amazon’s market cap was nearly $1.9 trillion.

Amazon‘s fifth straight decline was about 20% during this period. Meanwhile, the Nasdaq 100 fell 1% on Tuesday.
The latest weakness comes after the Seattle company’s earnings report forecasted the slowest holiday quarter growth in its history last week. Amazon, which posted record profits during the pandemic, said sales would rise by 2% to 8% during the traditional peak season.

Amazon and most other major tech and internet stocks will be under pressure throughout 2022 on concerns about slowing growth and rising interest rates. Economic uncertainty weighed on price-to-earnings ratios for highly valued stocks.