AMZN Stock News: Amazon extends rise ahead of earnings report next week

NASDAQ: AMZN gained 3.5% during Friday’s trading session.
Amazon signs deal with Hawaiian Airlines to deliver cargo to customers.
Consumers continue to spend but not at retail outlets or eCommerce sites.

Stocks Reporter FXStreet

Amazon.com (AMZN) powered higher on Friday as mega-cap tech stocks rallied on a report that the Fed could slow the pace of its rate hikes. Shares of AMZN gained 3.5% and closed the trading week at a price of $119.32. All three major averages soared into the weekend as treasury bond yields retreated and the possibility of reduced rate hikes boosted investor sentiment. Each major index also posted positive gains this week as Wall Street saw its best week of trading since June. Overall, the Dow Jones added 2.5%, the S&P 500 gained 2.4%, and the Nasdaq rose by 2.3% during the session.

Amazon stock price

Amazon agreed to a new partnership with Hawaiian Airlines (HA) to deliver the eCommerce giant’s cargo. The deal will see Amazon operate ten leased freighter jets for its cargo use as well as warrants that could potentially allow it to own up to 15% of the airline. Hawaiian Airlines is planning on building a base on the mainland to help centralize operations as well as expand its staff of pilots, mechanics and other necessary workers. Shares of HA were up by 8.9% following the news.

Ahead of Amazon’s third-quarter earnings next week, some are concerned that falling consumer demand will have a negative impact on the report. While consumers are continuing to spend, it does not seem to be as much for retail like before. Stores like Walmart (WMT) and Target (TGT) are seeing an overstock of goods, while consumers choose to spend on luxuries that were unavailable during the pandemic like travel. Amazon reports its earnings on Thursday, October 27.

AMZN 5-minute chart 10/21/22

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Stocks Reporter

FXStreet

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