Amazon opened at $92.56 yesterday before posting solid session gaining 0.89%

Published: January 26 2023, 02:55 GMT+0

Amazon opened at $92.56 yesterday before posting solid session gaining 0.89%

A quick look at yesterday: Amazon recovered from the previous trading session's losses and went up to $97.18 yesterday after it traded lower at $91.52.

Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

Meanwhile, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

This rally in Amazon's share price coincided with other consumer discretionary stocks as Walt Disney was up 2%. McDonald's was up 1.28%. Alibaba was up 0.68%.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Also worthy of note, as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published today at 13:30 UTC.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.

Having set a significant low of $81.82 29 days ago, Jeff Bezos’s company is trading 17.72% higher.