The shares of AmazonThey have given up almost all their benefits from the pandemic.

The stock will lose all its massive gains since 2020’s Covid-19 pandemic. It could fall to $2,170 per share, which is slightly lower than Monday night. Amazon’s intraday high was $2,176.79 on February 20, 2020.

The shares gained a little bit on Tuesday after the markets opened. They traded at $2,230, an increase of more than 2% from where they were trading in April 2020 when Covid lockdowns prompted people to buy more online. The stock is now trading at more than 40% below its 52-week intraday record of $3773.08 (which it achieved on July 13, 2021).

Amazon stock rose by over 50% in 2020-2021 due to e-commerce. With consumers shopping online for everything, from Lysol wipes and face masks, to furniture and dumbbells, Amazon was a major player. Amazon and digital retailers are now under increasing pressure to show they can maintain the same high-flying growth that they experienced during the pandemic.

These concerns were not addressed by Amazon’s most recent earnings report. Company postedIt experienced the slowest revenue growth in the past decade since dot-com bust, and it provided an outlook for the current quarter which was below Wall Street’s expectations.

The market has been changing and that is a challenge. Investors began to leave tech stocks after last year’s inflation spiked and the possibility of higher interest rates. This trend was further accelerated by the February invasion of Ukraine by Russia, which caused oil prices to rise even more. The Federal Reserve has caused stocks to fall further since then. raised its benchmark interest rateThis Wednesday

Tech giants have been especially hard hit by this sell-off. losing more than $1 trillionBetween Thursday and Monday, the value is equal.

WATCH: ‘We like Big Tech stocks like Amazon and Apple right now,’ says Needham’s Laura Martin