Amazon.com, Inc. (NASDAQ:AMZN) shares are trading higher by 2.97% to $116.92 Monday afternoon amid overall market strength.
What Happened?
Market indexes are higher Monday following better-than-expected second-quarter earnings from Goldman Sachs, which has lifted market sentiment at large going into the earnings season.
Markets also continue to assess inflation concerns and Fed policy outlook. Heightened U.S. inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.
Also, on Friday Barclays analyst Ross Sandler Friday maintained Amazon with an Overweight, the price target adjusts to $195; Stifel analyst Scott Devitt maintained Amazon with a Buy and lowered the price target from $190 to $185.
Why it Matters
Worse-than-expected June CPI data reported last week has caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.
According to data from Benzinga Pro, Amazon has a 52-week high of $188.11 and a 52-week low of $101.26.
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