Amazon heads for 3rd-straight day with trillion-dollar valuation

Shares of Amazon.com Inc. gained 0.6% in afternoon trading Tuesday, putting the ecommerce and cloud giant on track to close with a market capitalization above $1 trillion for a third-straight day. The rally comes after reports the company plans to lay off about 10,000 workers. The stock, which currently implies a market cap of $1.010 trillion, has now run up 15.0% since since Nov. 9, when it closed at $86.14, the lowest closing price since March 16, 2020, to give Amazon a market cap of $878.8 million. As long as the stock closes at $98.03 or above, the company will be a part of the trillion-dollar club, which currently includes Apple Inc. with a $2.395 trillion market cap, Microsoft Corp. with a $1.814 trillion market cap and $1.270 trillion-valued Alphabet Inc. . Amazon’s stock has still tumbled 30.8% over the past three months while the S&P 500 has shed 7.3%.

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