(May 1): Amazon.com Inc. rallied to a record intraday high Friday after reporting quarterly results that topped analyst projections and later closed in the red amid a broader market selloff.

Its shares rose as much as 2.4% to touch $3,554, taking out a previous record that was set in September as the e-commerce company said online shopping will remain high in the aftermath of the pandemic. They ended the day 0.1% lower at $3,467.42 as stocks sank amid hawkish remarks from a Federal Reserve official and economic data that signaled inflationary pressures. The The Nasdaq 100 Index posted its biggest drop in a week.