Stock Market Today, March 9: Amazon Edges Higher on Zoox Robotaxi Expansion
Amazon (NASDAQ:AMZN), global e-commerce and cloud leader, closed Monday at $213.49, up 0.13%. The stock inched higher as investors weighed Zoox’s robotaxi expansion against UPS’s (NYSE:UPS) strategy shift away from lower-margin Amazon parcels. Investors are also while watching transportation and logistics impacts amidst volatile oil prices.
Trading volume reached 53.5 million shares, nearly 11% above its three-month average of 48.4 million shares. Amazon IPO'd in 1997 and has grown 217,932% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) added 0.83% to finish Monday at 6,796, while the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 1.38% to close at 22,696. Within e-commerce and cloud computing, industry peers also saw muted moves, as Alibaba Group (NYSE:BABA) closed at $132.64 (+1.41%) and Microsoft (NASDAQ:MSFT) ended at $409.41 (+0.11%).
What this means for investors
Markets whiplashed today following the price of oil. As oil soared early, markets were hit hard. Both reversed course as the day progressed. Amazon had its own news today, too.
Its Zoox robotaxi service will be rolling out in Phoenix and Dallas for testing. Amazon will test the self-driving technology using retrofitted SUVs before formally offering commercial service. Late last year, Zoox began operations in Las Vegas and parts of San Francisco.
Investors are also considering what UPS’s strategy moving away from lower margin Amazon business might mean for Amazon’s delivery services. Today’s oil price action highlighted those potential concerns with the company’s future margins.
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Howard Smith has positions in Amazon and Microsoft. The Motley Fool has positions in and recommends Amazon, Microsoft, and United Parcel Service. The Motley Fool recommends Alibaba Group. The Motley Fool has a disclosure policy.
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