Here's Why Amazon Stock Was Up 27% in July, Beating the Market
Shares of Amazon (NASDAQ: AMZN) were up 27.1% in July, according to data provided by S&P Global Market Intelligence. This handily beat the 9.1% return for the S&P 500. It seems investors celebrated strength in the titan's e-commerce operations. However, in my opinion, Amazon Web Services (AWS) was once again the main star of the show.
Amazon stock only slightly outperformed the S&P 500 for most of the month. It wasn't until July 28 when it reported financial results for the second quarter of 2022 that Amazon stock decisively pulled ahead.
On July 14, Amazon announced it had its biggest Prime Day event ever. The two-day sales event for members sold an impressive 300 million items. It's a testament to Amazon Prime's ongoing strength. And Amazon stock performed well following this announcement.
Source Fool.com
