After a long winning streak, Amazon is having a rough month.
The company’s stock slid 6.3% on Oct. 29, following a 7.8% drop ahead of the weekend on Oct. 26. The plunge came after Amazon released third-quarter earnings on Oct. 25 that indicated its most important businesses were all slowing down.
Even before earnings, October wasn’t going well for Amazon. The stock fell 6.2% on Oct. 10 and 5.9% on Oct. 24, the day before it reported third-quarter results. All in all, four of Amazon’s 11 worst single-day performances over the last five years have happened this month—and it isn’t over yet.
Amazon’s stock is down 23% since the start of this October. For comparison, Amazon’s stock gained 15% in October 2017, fell 6% in October 2016, and grew 22% in October 2015.
Amazon’s October performance also trails that of the S&P 500, which is down 9.4% since the end of September. (The company admittedly has vastly outperformed the S&P 500 over the last 10 years.)
Of course, as Investopedia has pointed out, October may be the cruelest month for stocks. Of the four days ever labeled “black” in stock market history, all have happened in October.
Oh, and Amazon CEO Jeff Bezos is still solidly the richest person in the world.