Amazon Stock Is Rising Today: Here's Why

Amazon.com, Inc. AMZN shares are trading higher by 3.29% to $122.10 Wednesday afternoon amid overall market strength and as large-cap stocks gain in sympathy with Netflix. Additionally, Jefferies maintained a Buy rating on the stock but lowered its price target from $163 to $150.

What Happened?

Market indexes are higher Wednesday on continued volatility amid the start of the earnings season. Recent earnings reports from large US companies have raised market sentiment going into the earnings season despite macroeconomic concerns.

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.

See Also: If You Invested $100 In Bitcoin, Ethereum And Dogecoin 5 Years Ago, Here's How Much You'd Have Now

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.