Amazon (NASDAQ:AMZN) stock is getting a boost on Tuesday as recent inflation data has investors hopeful for retailers.
The boost is thanks to the October producer price index (PPI) coming in at 8%. This figure is better than the 8.5% reported in September. The annual core PPI also came in at 6.7% year-over-year (YOY), much better than the prediction of 7.2%.
This news has more than just AMZN stock rising today. The stock market is overall doing well as the latest PPI data instills hope in investors. Stalling inflation is something the economy desperately needs as rising prices weigh on markets.
Other Retailers Are Doing Well
Investors will also note that Walmart (NYSE:WMT) released its latest earnings report today. The retail giant beat out Wall Street’s estimates for the quarter. To go along with that, the company also increased its guidance for the fiscal year.
Considering Walmart’s stake in the retail market, it makes sense that good news from the company would boost AMZN stock. Amazon is the leader among e-commerce companies, which means it may be preparing for better times alongside brick-and-mortar retailers.
Investors will also want to remember that Amazon is taking measures to reduce costs. That includes plans to cut its workforce by as many as 10,000 employees. The company has also put a hiring place in freeze alongside these layoffs.
AMZN stock is up 2% as of Tuesday afternoon.
Investors seeking out all of the biggest stock stories today are in luck!
InvestorPlace has your back with the most important stock market coverage for Tuesday! A few examples include what’s happening with shares of Qurate Retail (NASDAQ:QRTEA, NASDAQ:QRTEB), Chinese EV stocks and Meta Materials (NASDAQ:MMAT) stock today. You can catch up on all of that news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
