Amazon.com, Inc. (NASDAQ:AMZN) shares are trading marginally lower by 0.90% to $114.16, and off the session high of $118.32, Monday afternoon. Amazon shares are trading lower amid continued, overall weakness amid concerns of further Fed rate hikes and a rise in the U.S. dollar against other global currencies.

Shares of several retail & apparel companies are also trading lower in recent sessions amid raised fears of an economic slowdown as investors continue to assess Wednesday's Fed commentary and 75 bps rate hike. An economic slowdown could negatively impact discretionary spending.

Amazon shares are trading lower by 7.12% to $113.73 over the trailing five sessions.

What Happened?

The Federal Reserve raised its target fed funds rate by 0.75% last Wednesday to a new range of between 3% and 3.25%, its third 0.75% rate hike in four months. The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agency mortgage-backed securities roll off its balance sheet on a monthly basis.

"Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures," the Fed said in a statement...Read More

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According to data from Benzinga Pro, Amazon has a 52-week high of $188.11 and a 52-week low of $101.26.