Amazon.com, Inc. (NASDAQ:AMZN) shares are trading marginally higher by 1.01% to $130.08 Wednesday morning. The stock is trading higher amid overall market strength following a lighter-than-expected June inflation report.
Amazon shares also traded higher during Tuesday’s session amid the start of the company’s Prime Day deal event.
What Happened?
U.S. CPI inflation in June decelerated more than anticipated, reinforcing investor expectations of a single rate hike by the Federal Reserve followed by a halt to its tightening cycle. The Bureau of Labor Statistics’ data reveals a drop in the annual inflation rate from 4% in May to 3% in June, slightly below the average economist forecast of 3.1%.
This marks the twelfth consecutive month of declining inflation and the lowest reading since March 2021…Read More
According to data from Benzinga Pro, Amazon has a 52-week high of $146.57 and a 52-week low of $81.43.
