Amazon.com, Inc. (NASDAQ:AMZN) shares are trading lower by 2.25% to $126.86 Monday afternoon, depsite a lack of company-specific news for the session. The stock is potentially trading lower as investors await Wednesday’s inflation report. Amazon is otherwise trading higher by some 48% on a year-to-date basis amid ongoing, marked interest in tech and AI-related stocks.
Amazon is a dominant player in the cloud computing market through AWS. The adoption of AI-related software often requires significant computing power and cloud infrastructure, which positions Amazon well to benefit from the growing demand.
The company’s leadership in cloud services and its ability to provide scalable and reliable AI solutions has helped contribute to 2023 strength.
See Also: Union-led Strikes Continue in Britain as Amazon Workers Join Protest During Prime Day
What’s Going On With Inflation Data?
The June CPI inflation report is eagerly anticipated as the most significant economic event of the week, with traders anxiously awaiting its release to gain insights into the Fed’s future policy decisions.
Recent conflicting job market data has added to the uncertainty, with expectations of a rate hike in July, but doubts lingering regarding additional rate hikes later in the year. Currently, the market assigns probabilities of 22% for another rate rise in September and 34% in November…Read More
According to data from Benzinga Pro, AMZN has a 52-week high of $146.57 a 52-week low of $81.43.
