Stocks Tumble After Amazon CEO’s Comments

Amazon CEO Andy Jassy was speaking live during the DealBook Summit and let some uncomfortable truths loose:

Jassy began by noting that they had done a lot of hiring and realized it was time to “streamline costs” adding that it was “clear that consumers are spending but being careful.”

Finally, Jassy warned that the economy is a “lot more uncertain than previously thought.”

These comments weighed on AMZN (and AAPL)…

This sent the broad markets lower…

Not exactly a sign of the soft-landing so many are hoping for.