markets

Luke Kawa7/9/25

The bad news: Amazon’s Prime Day is flopping. The good news: That was priced in.

Shares of Amazon dipped to session lows, erasing most of the day’s gains, after Momentum Commerce said that sales for Day 1 of Prime Day were down a bruising 41% compared to last year — before bouncing right back to reverse that drop.

It seems the bad news was priced in yesterday, when early reports from the same online sales manager said that the first four hours of sales were down 14% versus 2024.

Well, it’s a good thing this Prime Day is more like Prime Week, lasting four days rather than the usual two, leaving time to make up ground, but this is a pretty awful start. It’s far too soon to overgeneralize whether this is a demand-side commentary on the state of the consumer or more on the supply side, with brands being unwilling to offer discounts in light of tariffs — or, probably some mix of both.

It’s also probably a good time to remind everyone that of Amazon’s $18.4 billion in operating income for the first quarter, a whopping $11.5 billion came from Amazon Web Services.

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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