Bank of America Corporation downgraded the bank pair.$Amazon (AMZN.US)$And$eBay (EBAY.US)$To reflect the growing macroeconomic uncertainty and the negative impact of a strong dollar on the company's performance. Although Bank of America Corporation's credit and debit card data showed that US online spending rose 20 basis points in August from a year earlier to 3.5 per cent, that growth lagged behind the bank's expectations for a more explosive growth rate.

When re-examining the e-commerce track, Bank of America Corporation said: "A number of recent indicators show that the prospect of discretionary consumer spending is weakening, including: 1) the Fed interest rate peak is higher than expected; 2) FedEx Corp's first fiscal quarter performance forecast is negative; 3) there are signs that consumers are facing" affordability challenges ", such as a sharp decline in CarMax sales. 4) the Case Shiller house price index fell month on month for the first time since January 2019. "

The bank reiterated its "buy" and "neutral" ratings on Amazon.Com Inc and eBay respectively, and despite the currency exchange rate hedging, it expects the new macroeconomic background to put huge pressure on the international revenue level of the two e-commerce giants.

As BofA took a more cautious view of both in the fourth quarter and the first half of 2023, it cut Amazon.Com Inc's target price from $170to $157and its eBay target share price from $54 to $44.

The US technology sector is generally facing a valuation adjustment, which is also a key factor for Bank of America Corporation to lower the target share prices of the two e-commerce leaders.