- NASDAQ: AMZN gained 0.2% during Thursday’s trading session.
- Amazon is facing a major lawsuit in the UK for favoring its own products.
- Tech stocks dip slightly afterhours as Snap misses on earnings for the quarter.
UPDATE: AMZN stock has run up 0.7% an hour into the Friday session. The share price has reached $116.03. Amazon stock has reached as high as $117.01 during the session thus far, and has fallen as far as $114.50. All three indices are ahead thus far on the last day of the week, but advance is so ar favouring mega caps and value stocks. The Dow has advanced 0.8%, while the S&P 500 is up 0.5%, and the Nasdaq is ahead just 0.2%. 4,071 call contracts for the $120 strike price expiring next Friday, Octobe 28, have traded hands so far in the session. The price has risen 9.3% this morning to $2.95 a share.
Amazon.com (AMZN) rose slightly on Thursday as the eCommerce giant lost most of its early gains by the closing bell. Shares of AMZN rose by 0.2% and closed the trading session at a price of $115.25. All three major averages dipped lower for the second consecutive day as treasury bond yields continued to rise to their highest levels since July 2008. Strong earnings continued from companies like AT&T (T) and International Business Machines (IBM), but the hike in bond yields proved too much for stocks. Overall, the Dow Jones lost 0.3%, the S&P 500 fell by 0.8%, and the NASDAQ dropped by 0.6% during the session.
Amazon stock price
Once again big tech is feeling the heat of regulators as the UK antitrust litigation officially filed a $1 billion lawsuit against Amazon. The suit alleges that Amazon’s Buy Box is unfairly focussing on its own products and not promoting the products of other companies or sellers. It specifically cited that Amazon’s algorithm is programmed to unlawfully promote its own brand products. Last year, Italy issued a similar lawsuit valued at over $1.3 billion.
Amazon and other tech stocks were trading lower in extended trading as Snap (SNAP) missed yet again on its quarterly earnings report. The drop in stocks mostly affected ad tech companies like Meta Platforms (META), Alphabet (GOOGL) and The Trade Desk (TTD). While Amazon does have an ad revenue side to its business it is not as reliant on it as these other companies. All eyes will focus on if these companies will show similar drops in ad revenues next week when Amazon, Alphabet and Meta Platforms report their earnings.
AMZN 5-minute chart 10.20.22
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.