Jeff Bezos, founder and CEO of Amazon.com, speaks at a press conference in Tokyo on June 13, 2001.

Even after Wednesday's rally, the shopping season has been a disaster for Amazon investors.

Since the company's market capitalization briefly topped $1 trillion in September, the stock has been in free fall, losing 27 percent of its value in the last three months and putting it on pace for its worst quarter since the recession of 2008.

It's not a company-specific story. The stock market is tanking on concern about rising interest rates, slowing global growth and political instability. Tech is leading the downturn. Apple has plunged 30 percent this quarter and Microsoft has dropped 12 percent.

Facebook has slumped 18 percent, but for good reason. The social network has been bombarded by a constant stream of negative headlines related to the manipulation of its platform by foreign actors and the company's inability or unwillingness to adequately protect user data.

Amazon is facing some challenges of its own. In the most recent quarter, the company's cloud computing unit didn't grow as fast as analysts had predicted, and overall revenue fell short of expectations. Fourth-quarter revenue guidance was also disappointing.

The stock bounced back with the rest of the market on Wednesday, rising more than 9 percent to $1,470.90. Amazon didn't respond to a request for comment.

Europe may be dragging Amazon down, analysts from Baird wrote in a note to clients last week. British online retail group IMRG reported the slowest annual revenue growth in November since 2011, the analysts said. They also cited "weaker-than-expected revenue outlooks" from U.K. retailers ASOS and Sports Direct and Visa's report on a decline in consumer spending there, "reflecting uncertainty around Brexit."

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