Stocks were mostly higher today as the tech sector helped support overall. The Dow 30 was the loser on the day, down 3, the S&P 500 gained 2, and the Nasdaq 100 added 23. Tomorrow has very little in the way of scheduled news so traders will likely focus on news from Amazon, or any other, stock specific news.
Amazon (NASDAQ: AMZN) shares were higher by 1.81% today as the e-commerce giant was the talk of the day ahead of its "Prime Day". Starting tomorrow all Amazon Prime members will be offered deals on the site in a much hyped, shopping day. According to the company there will be deep discounts available on many of the sites offerings including the cost of its popular Echo which will be 50% off, and the Echo Dot which will be 30% off. Prime members will be able to start shopping at 9 p.m. ET on Monday. Investors cheered the possibilities, pushing shares back towards highs. For the year amazon shares are up over 30%.
Facebook (NYSE: FB) shares were higher by 1.36% today as the social media giant announced it would be reducing the price of its Oculus Rift virtual reality headset. The Rift and its controller will be available for six weeks starting Monday at $399, down from its previous price of $598. This marks the second time that Facebook lowered the cost of the device this year because no one is interested. This is just more proof that the masses are not ready, or interested in virtual reality as it is. Shares are up over 30% on the year.
Best Buy (NYSE: BBY) shares took a 6.24% hit today as the electronics retail chain seems to have lost more investors to Amazon. The company saw some selling pressure today after news was released about Amazon's Smart Home Services, which places the e-commerce giant in direct competition with Best Buy's Geek Squad. Recode reported that the new offer will send gadget experts to a customer's home for free Alexa consultations as well as other product installations. Today's move almost erases all the positive gains seen from their last earnings announcement which beat expectations.