AMZN Stock News: Amazon shares rise with other mega caps

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.

Stocks Reporter FXStreet

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

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Stocks Reporter

FXStreet

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