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Retail trends
Amazon's (AMZN) Prime Day sale might as well be called Prime Week at this point, with this year's promotion set to take place over four days. The global shopping event began back in 2015, and was a 24-hour gig for the first couple of years, before going up to 30 hours in 2017 and 36 hours in 2018. The next year, Prime Day became a two-day bonanza, and that format had stuck until Amazon went all out this year to capture additional shoppers and Prime members.
By the numbers: Adobe Analytics forecasts a record $23.8B in Prime Day spending from July 8 to 11. That tally would represent a 28.4% growth pop from last year's level. The firm noted that the projected sales tally is equivalent to two Black Fridays, which drove $10.8B in online spending during the 2024 holiday shopping season.
Changes in the industry have driven Amazon to extend the length of its Prime Day event. Walmart (WMT) is kicking off "Walmart Deals" on July 8, one-upping Amazon by extending the event from four days to six, while Target (TGT), Best Buy (BBY) and Kohl's (KSS) have launched their own competing promotions. It's especially important in the current environment as confidence slips with tariffs atop consumers' minds. Extending the length of Prime Day also gives Amazon a bigger window for advertising, which is one of its fastest-growing business segments.
Stock movement: Historically, Amazon (AMZN) shares have gained an average of 2% in the week after Prime Day and just over 4% for the six-week period following the event. See SA Quant ratings for AMZN
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Today's Markets
In Asia, Japan +0.3%. Hong Kong +1.1%. China +0.7%. India +0.3%.
In Europe, at midday, London +0.2%. Paris -0.1%. Frankfurt +0.6%.
Futures at 6:30, Dow -0.1%. S&P flat. Nasdaq +0.2%. Crude -0.6% to $67.53. Gold -0.4% to $3,330.80. Bitcoin +0.1% to $108,839.
Ten-year Treasury Yield +3 bps to 4.42%.
On The Calendar
Companies reporting today include Aehr Test Systems (AEHR) and Saratoga Investment (SAR).
See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.
