Amazon stock declines following the announcement of additional layoffs

Yahoo Finance Live anchors Julie Hyman and Brad Smith discuss the decline in stock for Amazon.

Video transcript

JULIE HYMAN: Let's also get a check on markets here. We've got stocks that are mixed, but I'm taking a look at Amazon as well. We just got that announcement from the company that it is laying off an additional 9,000 workers on top of the 18,000 that were announced earlier in the year. The stock had been down fairly sharply earlier in the session.

Now it is down-- it's still down, but it's not down by as much. But still, that is a lot of people that we're talking about here. I'm just checking. Amazon, as of the end of last year, did employ 1 and 1/2 million people, just to put this in context here. So it is a lot of individuals, but as a percentage of Amazon's total, it's still not a huge number.

BRAD SMITH: Yeah, and as we're continuing to take a look at the NASDAQ 100, just want to zero in on technology for a hot second here. This is one sector that is in the negative territory on today for the S&P 500 11 sectors. That's down by about half a percent right now. It's the lone laggard, which is why I zero in on this. However, if you look at this over the course of the past five days or seven days, that is one of the biggest gainers that we've seen over that period of time. So, earlier, as we had started off the trading session, it was really consumer discretionary, technology that were the lone laggards there for right now.

JULIE HYMAN: There's some giveback today, and the banks now are in the driver's seat and leading the gains today.