Stock Market Today, March 9: Amazon Edges Higher on Zoox Robotaxi Expansion

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NASDAQ: AMZN

Amazon

Today’s Change

(0.20%) $0.42

Current Price

$213.63

Key Data Points

Market Cap

$2.3T

Day’s Range

$207.12 - $213.82

52wk Range

$161.38 - $258.60

Volume

2.8M

Avg Vol

48M

Gross Margin

50.29%

Amazon (AMZN +0.20%), 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 (UPS 2.43%) 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 (^GSPC +0.83%) added 0.83% to finish Monday at 6,796, while the Nasdaq Composite (^IXIC +1.38%) climbed 1.38% to close at 22,696. Within e-commerce and cloud computing, industry peers also saw muted moves, as Alibaba Group (BABA +1.47%) closed at $132.64 (+1.41%) and Microsoft (MSFT +0.17%) 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.