Inc.’s stock

is on track Wednesday for its largest one-day drop in more than eight months, as Alphabet Inc.’s


cloud-computing slowdown appears to be spooking investors. Amazon’s stock is off 5.7% in afternoon trading and on pace to log its biggest one-day percentage decline since Feb. 3, when it fell 8.4%, according to Dow Jones Market Data. Alphabet and Microsoft Corp.

both posted results Tuesday afternoon, and “the common denominator in these two prints [was] the mention of ongoing optimizations,” Piper Sandler analyst Thomas Champion wrote in a note to clients. “Taken together, the momentum behind cost-cutting continues points to a steady-to-decelerating AWS growth print versus re-acceleration.” Amazon is due to post its own September-quarter results after the close of trading Thursday.

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