Next Day Prep: Amazon’s Monster Move AWS Ignites Record Surge
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Welcome to Next Day Prep – What We Are Watching Tomorrow. What a finish to the week! The market capped a record-setting run, but the real story was the absolute monster move from Amazon (AMZN).
Overnight Headlines
Amazon (AMZN) soared past all-time highs, up over 9.5%. The blowout quarter was led by AWS, with cloud sales growth accelerating to over 20%. The momentum is undeniable as Amazon flexes its tech titan muscles.
Economic Announcements
Some Fed commentary expressed caution on more rate cuts, impacting rate-cut probabilities significantly. Market now pricing in a 65% chance of a rate cut in December.
Earnings Highlights
Apple finished down post-earnings, while Meta dragged down the Communication Services sector. Select tech giants like Amazon and Tesla surged, showing the importance of stock selection.
Top Movers
Defensive posturing in Utilities and Real Estate, while aggressive bids seen in software and cloud space with names like Atlassian (TEAM), HubSpot, and Zscaler pushing higher.
Quick Trade Ideas
- Watch for a pullback in Atlassian (TEAM) into the $168-169 zone for a potential entry.
- Focus on names with proven relative strength and strong closing prints like HubSpot and Capital One.
Key Takeaway
While Amazon dominated, there’s clear rotation beneath. Focus on strength in software, respect key index levels: SPY support at $680, QQQ support near $628, and stay agile in this trader’s market.