Stock Market Today, June 24: Amazon Gains as Investors Monitor Strong Prime Day Demand and AI Shopping Activity
Amazon.com (NASDAQ:AMZN), global e-commerce, cloud infrastructure, and digital advertising platform giant, closed at $234.27. The stock edged higher on Prime Day demand, AI shopping activity, and analyst support for a Q2 revenue beat.
Trading volume reached 67.7 million shares, coming in about 47% above its three-month average of 45.9 million shares. Amazon.com IPO’d in 1997 and has grown 239,256% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 0.10% to 7,358, while Nasdaq Composite (NASDAQINDEX:^IXIC) declined 0.43% to 25,477. Among global e-commerce, retail, cloud computing, advertising, and logistics peers, Walmart (NASDAQ:WMT) fell 0.34% to $119, while MercadoLibre (NASDAQ:MELI) rose 4.79% to $1,659.57, highlighting mixed trading across consumer and platform names.
What this means for investors
Amazon’s Prime Day event has begun, with four days of special deals and enticements to expand the company’s Prime membership base. Prime Day got off to a strong start, according to spending data from Adobe (NASDAQ:ADBE).
Initial figures show online spending jumped 5.3% on the event’s first day yesterday, year over year, to $8.3 billion. AI-driven spending is one of the reasons boosting activity. Online spending for electronics and appliances hit records while baby products and everyday essentials also showed strength. The event runs until Friday, and analysts will use the data to adjust estimates for Amazon’s second-quarter sales.
That might have some investors wanting to get ahead of any revenue and earnings adjustments. Amazon is also seeing tailwinds from its cloud infrastructure business with a planned $10 billion investment for a large new data center.
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