Amazon shares slide on fears of Fed rate hike

Amazon.com Inc. NASDAQ: AMZN is trading lower Monday due to weakness in the market as Fed rate hike concerns weigh on stocks.

The Federal Reserve is expected to hike interest rates and reduce the amount of bonds it buys each month. The Fed may begin cutting the $9 trillion in assets it holds.

When the minutes from the December meeting of the Fed were released at the beginning of January, investors started to fear that all three of these situations could take place at the same time.

The meeting summary showed that Fed members are ready to start raising interest rates and tapering bond buying. The Fed is ready to engage in discussions on reducing holdings of Treasurys and mortgage-backed securities.

Investor concern is being raised ahead of earnings season because of weakness in Netflix Inc NASDAQ: NFLX after the company's quarterly financial results.

Amazon is expected to announce its fourth quarter financial results after the market closes on February 3.

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AMZN Price Action: Amazon has traded as high as $3,773 over a 52 week period. It's making new 52 week lows during Monday's trading session.

The stock was down 4.89% at $2,713 at the time of publication.