Amazon plunge drags down eBay, Etsy and Wayfair as investors fret over slowing growth
E-commerce stocks sank Friday after Amazon , the largest U.S. e-retailer, reported disappointing results and gave a weaker-than-expected outlook for the third quarter.

Wayfair and Etsy dropped almost 8%, while eBay fell 7%. Amazon had its worst day on the market in more than a year, falling 7.6% and wiping out about $75 billion in market value.

Amazon said revenue growth slowed in the second quarter to 27% from 41% a year earlier, when the company got a boost from stay-at-home orders during the pandemic. Brian Olsavsky, Amazon's finance chief, told analysts on the earnings call that more vacations and social gatherings are on the horizon, and there will "be things that probably people shied away from last year and that's all good."

While Facebook and Apple offered similar warnings in their outlooks this week, Amazon was alone among the five-most valuable U.S. tech companies in missing analysts' revenue estimates for the past quarter. Earnings beat expectations, but investors are typically more focused on Amazon's growth trajectory than its profitability.

During the pandemic, e-commerce companies across the board picked up business, benefiting their growth rates and lifting their stock prices. But after a year of outsized expansion, investors have been gearing up for a slowdown in the second half of 2021.