Stock Market Today, Nov. 2: Amazon Rallies on Phillip Securities Buy Upgrade and $330 Target

Amazon.com(NASDAQ:AMZN), a global e-commerce, cloud infrastructure, and digital advertising platform, closed at $245.63, up 2.20%. Phillip Securities upgraded the stock to "buy" and raised its price target, while investors are watching demand for AWS (Amazon Web Services) and AI spending.
Trading volume reached 57.7 million shares, coming in about 51% above its three-month average of 38.3 million shares. Amazon IPO'd in 1997 and has grown 250,755% since going public.

How the markets moved today

The S&P 500(SNPINDEX:^GSPC) closed at 7,542, down 0.50%, while the Nasdaq Composite(NASDAQINDEX:^IXIC) finished at 25,164, down 1.07%. Among internet retail, digital advertising, and logistics services peers, Walmartclosed at $127.69, up 3.38%, and Costco Wholesaleclosed at $1,040.55, up 2.79%, underscoring a mixed retail backdrop.

What this means for investors

On Monday, Amazon regained positive momentum after the stock slid following the online retail and cloud services giant's earnings report last week. Phillip Securities is one Wall Street firm that said to buy that dip. Analyst Helena Wang raised her rating after boosting fiscal 2027 revenue estimates. She also raised her firm's price target by $10 to $330 per share.

The firm focused on the strength of Amazon's cloud demand, which was highlighted in the company's earnings report last week. AWS segment sales jumped 39% year over year to $46 billion, marking the fastest pace of growth in nearly five years. Operating income also surged 61%, amid a growing backlog.

AI-related capital spending and cash outflows led to an initial negative reaction, but investors were buying that dip today.

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