Tech

Amazon claims record-breaking holiday sales in 2023

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In a show of retail strength, Amazon says it has broken its holiday sales record, as per reporting by Retail Dive. During 11-day holiday shopping period from Nov. 17 to Cyber Monday, the e-commerce giant reported sales that eclipsed previous years’ numbers during the same period, setting a new benchmark for its performance.

The shopping frenzy saw customers snapping up over a billion items from Amazon, with independent sellers contributing to half of these sales.

Stock market reacts to Amazon’s holiday sales

According to Benzinga, the announcement of these record sales initially pushed Amazon’s shares close to the $150 mark, indicating an almost 2% increase. However, the stock market’s reaction to such news can be nuanced and short-lived. Amazon’s shares subsequently experienced a slight dip of 1.40%, a reminder that sales success doesn’t always translate into a steady climb in stock prices.

At present, Amazon’s stock is trading around a crucial support level of $142, in line with the daily 20 simple moving average. This point is key for investors as it often marks a potential shift in the stock’s trajectory. To signal a strong comeback, the stock needs to break past the pivotal $150 resistance level.

Despite the recent ups and downs, a long-term view of Amazon’s stock reveals a robust 69% increase over the year, with a notable 9% rise in November alone. This consistent growth suggests a positive trend for the company’s future.

Ending the trading day on Dec. 1, Amazon’s stock stood at $147.03, marking an increase of 0.69%. This positive close, following a period of record-breaking sales, positions Amazon for ongoing upward momentum in the competitive world of e-commerce.

Maxwell William

Maxwell William, a seasoned crypto journalist and content strategist, has notably contributed to industry-leading platforms such as Cointelegraph, OKX Insights, and Decrypt, weaving complex crypto narratives into insightful articles that resonate with a broad readership.

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