Amazon Hits A $1 Trillion Market Cap
Amazon – Even though stocks fell, Amazon became the 2nd firm to reach a $1 trillion market cap as its stock was up 1.33%. This stock has been on a one way trip up as it is up 10.38% in the past month.
If Apple sells off after its iPhone announcement, Amazon will be the largest company in America. The chart below shows Amazon’s outstanding momentum as its 14 day RSI is at 77.6 which is the highest since June. I’d wait for a pullback if I wanted to buy the stock.
The financials and the utilities were the best performers as they were up 0.53% and 0.54% respectively. Amazon helped the consumer discretionary sector; it was up 0.25%.
The worst sectors were real estate and telecom which were down 0.9% and 1.12%. Rate-sensitive sectors were volatile.
As I mentioned, if the dollar rallies, stocks won’t be able to rally. The dollar index was up 0.29% to $95.41 and oil was down 0.7% to $69.37.
Amazon – Other Stocks Fall As The Odds Of A Canadian Trade Deal Decline
Stocks followed historical trends in falling on the first day of September trading since September is the worst month of the year.
The S&P 500 was down 0.17%, the Nasdaq was down 0.23%. The Russell 2000 was down 0.42%, and the Dow was down 5 basis points. Even though the Russell 2000 underperformed the Dow, citing trade tensions as the reason for the decline.
I think stocks needed a breather from the recent run. There wasn’t much news on the trade front.
This is bad news for the chances of a deal with Canada.
No news is probably good for the skirmish with China because most news on that front is about raising tax rates and the amount of goods being taxed.
The lack of news made President Trump’s statements have seemingly more of a negative impact on markets.
He stated, “There is no political necessity to keep Canada in the new NAFTA deal. If we don’t make a fair deal for the U.S. after decades of abuse, Canada will be out.
