- Amazon shares close 2.94% higher, hitting a modern all-time high.
- The November NFP index came in well above expectations on Friday.
- Amazon continues to see positive vibes from its modern AI chip.
- Amazon shares have risen in eight of the last nine sessions.
Amazon (AMZN) On Friday, the company’s shares rose for the sixth session in a row, with the streak beginning on November 29. Moreover, AMZN stock has risen in eight of the last nine sessions. Since then, the world’s largest e-commerce platform has gained 14.1%, or almost $300 billion in market capitalization.
At the close, Amazon shares rose 2.94% to $227.03, closing near the intraday high on Friday as well as a modern all-time high.
The Dow Jones Industrial Average (DJIA)which counts Amazon among its 30 components, was trading slightly lower due to continued sales UnitedHealth Group (UNH) following Wednesday’s murder of one of its top executives. UNH shares fell as much as 5% early in the session as most of the market was excited by November nonfarm payrolls data, which hit 227,000, well above consensus expectations. The DJIA closed down 0.28%.
Amazon Stock News
It doesn’t appear that Amazon’s price boost is based on any one thing. AMZN stock has been in an uptrend since at least August 5, about four months ago, and longer term since December 2022.
The recent news last week that Amazon has built the second version of its modern AI data center chip is a dazzling spot. The Trainium2 processor was developed in-house by Annapurna Labs and is said to be four times faster than its previous version.
on Wednesday, Apple (AAPL) said it expects performance gains of up to 50% by using the Trainium2 chip to train some AI models. It also uses AWS Inferentia and Graviton chips in its search widgets.
Amazon Web Services also announced modern partnerships with PagerDuty (PD) AND GitLab (GTLB) for training AI products.
Additionally, Black Friday and Cyber ​​Monday sales show that the American consumer is spending wisely during the holiday season. Adobe Analytics estimated that consumers spent $13.3 billion on Cyber ​​Monday at the beginning of the week. This is 7.3% more than in 2023.
Black Friday sales also topped $10.8 billion, and Amazon will certainly be a major recipient of that spending.
It came to featherlight on Wednesday JPMorgan (JPM) AND AT&T (T) has paused ads on Amazon’s Twitch streaming platform amid complaints that it promotes “anti-Semitic” content.
Amazon stock chart
Amazon stock looks to be the healthiest of the Magnificent 7 to debut in 2024. Year-to-date, shares are up 49% while Nvidia (NVDA) has continued to decline since the results were published.
Support remains around $196 or $197, where the 50-day plain moving average (SMA) coincides with a pullback on November 20 and 21.
After so many days of gains, it is likely that consolidation will occur. However, the relative strength index (RSI) is only 73, which is barely in overbought territory. Any pullback may go no further than the previous November high near $215.
AMZN stock daily chart
