Amazon turns negative for 2021 as higher yields adds to pressure

Amazon.com Inc. shares fell sharply on Monday, taking the e-commerce giant into negative territory for the year, as a sustained rise in Treasury yields is hurting the earnings outlook for companies with high valuations. 

Amazon shares fell as much as 2.5% on Monday and were on track for a sixth straight negative session, the longest such streak for Amazon since an eight-day drop that ended in August 2019. With the decline, the stock is now down 1.4% for 2021, making it the only one of Wall Street’s five largest names to be negative for the year. 

The day’s weakness was