Amazon reports quarterly results at the end of October.
Amazon.com’s stock was edging higher on Tuesday as its latest Prime Day sales event unfolded. A sustained move higher for the stock depends on the growth outlook for the Amazon Web Services division.
Amazon’s stock typically gains the week after a Prime event. In the week after July’s event, the stock rose 3.5%. From 2015 to 2022, the stock has gained an average of 1.4% the week after Prime sales, according to Dow Jones Market Data. It’s the “largest swing factor to the print,” wrote Wells Fargo analyst Ken Gawrelski on Monday, referring to the earnings results.
That narrative flipped after the third quarter, when Amazon showed AWS revenue growth accelerating—up 3.7% from the second quarter and 12% from a year ago. Analysts cited it as a key positive factor in the earnings result, and the stock moved up to a peak of nearly $145 by mid-September. Amazon’s stock has since given back gains as yields on Treasuries have hammered growth stocks over the past month.
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