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Scott Galloway, in his best-selling book The Four, says that Amazon's stock price is inversely correlated with the rest of the retail sector. He says that the equity markets now believe that what's good for Amazon is bad for retail, and vice versa.

Quoting from the book:
"Amazon grew its revenues $28 billion in 2016 in a retail environment where growth is essentially flat. ... It's reasonable to say that Amazon's growth will result in the destruction of 76,000 retail jobs this year. Imagine filling up the largest stadium in the NFL (Cowboy Stadium) with merchandisers, cashiers, sales associates, e-commerce managers, and security guards and letting them know that, courtesy of Amazon, their services are no longer needed. Then, be sure to reserve Cowboy Stadium and Madison Square Garden next year, as it's only going to get worse (or better if you are an Amazon shareholder)."
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