Amazon Inc’s (NASDAQ:AMZN) stock traded higher by nearly 2% Wednesday afternoon despite no specific company news and overall weakness in the tech sector. The Invesco QQQ Trust Series 1 (NASDAQ:QQQ), which tracks 100 of the biggest NASDAQ-listed companies, was trading down slightly Wednesday afternoon ahead of a big earnings week for Wall Street.
Amazon’s stock outperformed other mega-cap tech stocks on Thursday like Alphabet Inc (NASDAQ:GOOG) and Microsoft Corp (NASDAQ:MSFT). The overall tech industry was trading slightly lower Wednesday afternoon, cooling down from a significant rally throughout the last couple of months. Investors seem tentative ahead of major earnings in the tech space, including Netflix Inc (NASDAQ:NFLX) and Tesla Inc (NASDAQ:TSLA) after-hours Wednesday.
Prime Day: Amazon just wrapped up its annual Prime Day event, in which it offers deals to its e-commerce customers through Amazon Prime. This summer’s heat wave is reportedly driving up Amazon’s sales of air conditioners, fans and other products to help people stay cool.
Price Action: Amazon’s stock opened Wednesday’s session at $133.39 a share, before trading higher to a high of $135.62. The stock is up more than 50% YTD amidst a strong rally in the mega-cap tech stocks.
