Why Amazon Was Rallying Today
Shares of Amazon (NASDAQ: AMZN) were moving higher on Monday, up 3.1% as of 12:38 p.m. EDT, even higher than the Nasdaq, which was also having a solid day, up around 2% at the same time.
One Wall Street analyst reiterated his buy rating for Amazon shares today even while also lowering his price target. In addition, several macroeconomic data factors pointed to a strong dollar and relief from inflation, which had plagued Amazon shares all last year.
Because Amazon is a large-cap company, it has a hard time escaping macroeconomic factors. But while the macro environment worked against Amazon's shares in a big way last year, it favored them today. On Monday, the Federal Reserve released results from its December inflation survey, in which expectations for inflation over the next year fell 20 basis points to 5%, the lowest reading since July 2021.
Source Fool.com
