Nasdaq lower for 2nd day as Amazon, Netflix drop

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President Donald Trump tweeted on Thursday that Amazon is "putting many thousands of retailers out of business." .

Axios reported that President Trump wants to "go after" Amazon with antitrust enforcement or by changing tax rules.

Addressing the Axios report, White House spokeswoman Sarah Sanders explained that Trump's government is always looking for ways to make business fairer for everyone.

Trump's criticism of Amazon's tax arrangements centers on products sold by third-party firms using its platform, on which it collects no taxes if they are coming from out-of-state retailers.

Inc. has lost its hold as the third-most valuable USA company by market capitalization, as the recent selloff in the e-commerce giant's stock has knocked it below Microsoft. The president is said to be "obsessed with Amazon", who he believes has gotten unfair tax benefits and preferential treatment from the US Postal Service.

Shares of Amazon continued sliding Thursday morning, down about 3.5% at 10 am, after falling as much as more than 7% on Wednesday.

The issue with Amazon, which had sales of $178 billion previous year, mainly is over the sales tax that a consumer might or might not pay when making a purchase on Amazon's website. Facebook, facing an outcry over its data leak, is trading in a bear market, defined as a drop of 20% or more from a recent high.

Nicole Scherzinger 'off X Factor judging panel'
She'd be last out of the studio at night. "She never gives up and she always wants to win and she always looks incredible ". She spent time with her acts. "I am two years into that and it's watertight as far as I am concerned, it's signed".

"The #AmazonWashingtonPost, sometimes referred to as the guardian of Amazon not paying internet taxes (which they should) is FAKE NEWS!", he said on Twitter in December 2015.

Lou Kerner, a technology investor who blogs about the sector, said Trump's attack on Amazon "is a very populist thing to do", but that any new measures imposed on Amazon may do little for consumers or small businesses.

States can not collect taxes from mail order or online sales from firms without a physical presence in that state, according to a Supreme Court ruling in 1992.

Another option is to increase the shipping fees Amazon pays for USPS deliveries.

Trump's claim that Amazon uses the postal service as the company's "Delivery Boy" is also off the mark.

Amazon declined to comment.

- Correction: An earlier version of this story gave incorrect figures for the change in S&P 500 market value and Amazon market value since President Trump's inauguration.

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