What's Going On With Amazon Stock As Prime Day Approaches?

Amazon.com Inc AMZN shares are trading narrowly higher. The e-commerce giant on Tuesday announced details of its 10th Prime Day event.

What Happened: Amazon announced that this year’s Prime Day event will take place on July 16 and July 17 as Prime members gain access to millions of exclusive deals.

The deals will span more than 35 categories including electronics, kitchen, beauty and apparel. Prime members will also be able to request an invitation to access invite-only deals that are expected to sell out.

Amazon also announced that Megan Thee Stallion will kick off the deal event by announcing the dates in her latest music video and new song called “It’s Prime Day.” Prime members will also have the option to shop Megan Thee Stallion’s favorite picks on Prime day.

“Prime Day is a celebration of the value we bring to members all year long, and features millions of deals across more than 35 product categories as well as discounts on Amazon devices, quality entertainment, groceries, travel, and more during the event,” said Jamil Ghani, vice president of Amazon Prime.

“In fact, over the course of last year, Amazon customers saved nearly $24 billion from deals and coupons—with Prime members enjoying the vast majority of those savings—including over $2.5 billion during Prime Day 2023.”

Amazon noted that Prime members can start enjoying Prime Day savings now, with early access to deals on products from popular brands. Amazon will also get members ready for Prime Day with deal alerts and personalized deal notifications. Anyone can join Prime for $14.99 per month or $139 per year.

U.S. online sales during Amazon’s Prime Day event last year climbed 6.1% year-over-year to $12.7 billion. Amazon said Prime members bought more than 375 million items worldwide during the two-day event in 2023, making it the biggest Prime Day event ever.

Check This Out: Amazon Set To Challenge ChatGPT-Parent OpenAI With New AI Service ‘Metis’: Report

AMZN Price Action: Amazon shares were up 0.51% at $186.52 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Amazon.