{ }
Symbol AMZN
Name Amazon.com, Inc.
Currency USD
Sector Consumer Discretionary
IndustryGroup Retailing
Industry Internet & Direct Marketing Retail
Market NASDAQ Global Select
Country United States
State WA
City Seattle
Zipcode 98109-5210
Website http://www.amazon.com
Major U.S. indexes fell sharply, driven down by Big Tech losses, with Microsoft, Meta, and Apple disappointing investors despite beating earnings expectations. While Apple and Amazon reported strong results, concerns over conservative forecasts and growth potential weighed heavily on market sentiment. Analysts remain cautiously optimistic about the sector's long-term growth, particularly in AI-related investments.
The Nasdaq led a significant sell-off in US stocks, dropping 2.7% after earnings reports from Meta and Microsoft raised concerns about rising AI costs impacting profitability. The S&P 500 and Dow also recorded monthly losses, ending a five-month gain streak. Despite initial worries, Amazon's stock rose after it exceeded revenue and earnings expectations, while Apple shares fell slightly due to a one-time charge. Investors are awaiting the upcoming jobs report and the Federal Reserve's policy decision next week.
Amazon reported a 7% increase in retail sales for Q3, reaching $61.41 billion, surpassing Wall Street expectations and boosting its share price by 5.7% after hours. Advertising sales also rose 19% to $14.3 billion, indicating a positive outlook for the upcoming holiday season despite previous consumer caution.
Asian markets began a significant month on a cautious note, with MSCI's index of Asia-Pacific shares outside Japan down 0.3% and 1.9% for the week. Investors are focused on the upcoming US nonfarm payrolls report, the presidential election, and the Federal Reserve's policy meeting. Oil prices rose nearly 2% to $74.13 a barrel amid reports of Iran's planned retaliatory strike on Israel, while Nasdaq futures gained 0.3% following a strong earnings report from Amazon, which saw a 5.3% increase in its stock price.
Major U.S. indexes fell sharply, driven down by disappointing forecasts from Big Tech, despite companies like Apple and Amazon beating earnings expectations. Microsoft, despite a strong revenue report, saw a 6.1% drop in shares due to a conservative outlook, highlighting the high expectations investors have for growth in the sector. As cash levels in mutual funds hit record lows ahead of the U.S. presidential election, analysts remain cautiously optimistic about the long-term potential of Big Tech.
Amazon reported a much better-than-expected third quarter, showcasing strong growth in online sales, cloud services, and advertising, driven by effective margin initiatives that boosted profits. The forecast for the fourth quarter is promising, ensuring investor confidence remains high.
Amazon CEO Andy Jassy reassured investors about the company's significant investments in generative AI, which drove an 81% increase in capital expenditures to $22.6 billion in the last quarter. He emphasized the potential for high returns, citing the rapid growth of AWS and the expected $75 billion capex in 2024, fueled by demand for AI infrastructure. Jassy noted that generative AI has already become a multi-billion-dollar revenue stream within AWS, growing at a rate three times faster than AWS's initial growth.
Stocks closed on a sour note as traders anticipate earnings reports from Chevron and Exxon Mobil, with both CEOs scheduled to appear on CNBC. General Motors saw a 13% rise in the last month, while Ford and Stellantis faced declines. Apple reported strong iPhone sales but saw a slight drop in stock after hours, despite a 22.7% year-to-date increase. Financials outperformed in October, while health care and consumer durables struggled.
BlackRock has launched the iShares Top 20 U.S. Stocks ETF (TOPT) to provide investors with a diversified option beyond the 'Magnificent Seven'—the largest tech stocks. This ETF includes the 20 largest U.S. stocks by market capitalization, aiming to capture growth while addressing concerns over the concentration of mega-cap companies. Since its launch on October 23, the ETF has seen a 2% decline.
Boeing and the International Association of Machinists and Aerospace Workers District 751 have reached a new contract proposal aimed at ending a seven-week strike, with a vote scheduled for Monday. The offer includes a 38% wage increase over four years and a choice between a $12,000 ratification bonus or a $7,000 bonus plus a $5,000 401(k) contribution. The strike, which began on September 13, has been fueled by rising living costs in the Seattle area and has impacted Boeing's recovery efforts amid significant financial losses.
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