AMZN Stock News: Amazon shares dip as tech earnings season kicks off on Wall Street
- NASDAQ: AMZN fell by 1.1% during Wednesday’s trading session.
- Netflix and Tesla kick off a crucial earnings season for tech stocks.
- Amazon remains in the good graces of analysts as Mizuho reiterates its Buy rating.
Amazon.com (AMZN) slipped lower during Wednesday’s trading as a mixed start to tech earnings and higher bond yields sent growth stocks lower. Shares of AMZN fell by 1.1% and closed the trading session at a price of $115.07. Stocks retreated after a two-day winning streak to start the week. Despite more strong earnings reports on Wednesday, 10-year treasury bond yields hit their highest levels since July of 2008 and sent equities spiraling lower. Overall, the Dow Jones lost 0.3%, the S&P 500 fell by 0.7%, and the Nasdaq dropped lower by 0.9% during the session.
Amazon stock price
Tech earnings got off to a hot start on Tuesday as streaming giant Netflix (NFLX) saw a major boost after adding 2.4 million subscribers following a shift to a cheaper ad-supported tier. Shares of NFLX soared by 13.1% on Wednesday. Tesla (TSLA) reported mixed results on Wednesday after the markets closed. The EV industry leader topped analyst estimates for earnings but came up short for quarterly revenues. Next week sees mega-cap tech stocks like Amazon, Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT) and Meta Platforms (META) report their earnings.
Amazon’s stock does remain in the favor of Wall Street analysts as Mizuho reiterated its Buy rating for the stock with a $155 price target. The note comes on the heels of both JPMorgan and Citi naming Amazon as their pick for the top internet stock. Mizuho cited ad-tech, AWS and improved fulfillment efficiency as the leading catalysts for the company.
AMZN 5-minute chart