What's Going On With Amazon Shares
Portfolio Pulse from Henry Khederian
Amazon.com, Inc. (NASDAQ:AMZN) shares are trading lower by 2.34% amid weakness in the Nasdaq-100 (NASDAQ:QQQ) and broader tech sector. This is following mixed second-quarter results and soft third-quarter sales guidance from Netflix, and second-quarter results and analyst rating updates from Tesla. Amazon shares are also pulling back after the company announced record-breaking sales on the first day of Prime Day.
July 20, 2023 | 3:33 pm
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NEGATIVE IMPACT
Amazon shares are trading lower by 2.34% following record-breaking sales on Prime Day and amid weakness in the tech sector.
The drop in Amazon's share price is likely due to a combination of factors including the overall weakness in the tech sector, mixed earnings results from other tech companies like Netflix and Tesla, and possibly profit-taking after the company's record-breaking Prime Day sales.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The Nasdaq-100 (NASDAQ:QQQ) is showing weakness, which is affecting the broader tech sector including Amazon.
The weakness in the Nasdaq-100 is likely contributing to the lower trading of tech stocks, including Amazon. This is due to the index's heavy weighting towards tech stocks, meaning that a drop in the index often leads to a drop in individual tech stocks.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 60