Amazon Surges on positive earnings, S&P 500 Futures gain as Big Tech Provides.


  • Amazon’s results surprise on the upside, beating expectations for both earnings per share and revenue.
  • Shares of the technology company rise in extended trading following first-quarter results.
    S&P 500 futures extend gains as the e-commerce giant delivers earnings.
  • Shares of Amazon rose as much as 10% at times in extended trading after the company reported better-than-expected quarterly results, sending S&P 500 futures slightly higher.Specifically, the e-commerce company reported earnings per share of $0.31 on revenue of $127.4 billion for the first three months of the year, beating both top and bottom-line estimates, due in part to steady online shopping and strong advertising performance.

Here’s how the company has performed compared to Wall Street’s expectations:

  • Earnings per share: $0.31 vs. $0.21 expected.
  • Revenue: $127.4 billion vs. $124.55 billion expected


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Source: TradingView

But that’s not enough good news. Amazon also gave a more constructive outlook, stating that it expects second quarter net sales to be between $127.00 billion and $133.00 billion, slightly above Wall Street’s projections of $129.5 billion, a sign that the worst may be over for the company.

With major technology companies reporting strong numbers compared to extremely pessimistic expectations, the S&P 500 could get an additional boost in the coming days and continue to rise, with immediate resistance at the psychological 4,200-point mark. If this technical barrier is overcome, the bulls could be encouraged to launch an attack on 4,310, the 61.8% Fibonacci retracement of the 2022 plunge.

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Change in Longs Shorts OI
Daily -5% 4% 0%
Weekly -3% 3% 1%


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