Amazon shares topped the $3,000 mark for the first time ever on Monday as tech stocks continued to soar. The stock advances deeper into record territory by topping $3,000.
Shares rose as much as 4.8% to touch $3,030.30 and are on track for their fourth straight daily gain. The stock is up more than 12% over the four-day stretch and has climbed about 80% off a March low, resulting in a market capitalization of $1.5 trillion.
However, the E-commerce giant, Amazon isn’t the first to reach the $1.5 trillion market capitalization mark. They joined Apple, Microsoft above that lofty level. Moreover, this has further helped push the Nasdaq to an all-time high above 10,000. The search engine giant, Google which is owned by Alphabet also topped the $1 trillion mark on Monday. Facebook, along with the other four tech giants, now collectively have a market capitalization of more than $6.4 trillion.
Other Tech Companies Stock That Are Performing Well Despite The Pandemic
Tech stocks have led the market’s stunning rebound from its March lows on expectations of strong sales and earnings growth. This is against the backdrop of the fact that the US economy is now in a pandemic-induced recession.
Shares of Netflix, Tesla, Square, PayPal, Nvidia, and Adobe all hit record highs Monday. Companies that have benefited greatly from the work-from-home reality that has bedeviled the economy are Zoom Video, Peloton, Lowe’s, Clorox, and Teladoc.
Amazon shares have experienced a bullish market, and seen exponential growth in its demand for its e-commerce and cloud-computing services, especially during the pandemic. This growth has been detrimental to the existing brick-and-mortar rivals and led more people to work remotely. Also, Wall Street analysts have predicted that this trend will outlast the black swan, which will make the Company’s market share index to be cast on iron.
According to Wall Street, Amazon remains a consensus favorite. And, Amazon is expected to report its second-quarter results later this month.
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