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Amazon (NASDAQ:AMZN) is holding its Prime Day sale next month and will tell us a lot about our economic future.
This should be the best Prime Day ever. Like other retailers, Amazon overordered when supply chains were stretched. Then consumers slowed product purchases with the new year. Warehouses are full to bursting with goods, everything has to go. Some Prime Day sales have already started.
Goods flying away bodes well for AMZN stock and the US economy. If not, we could be in for a very long recession.
AMZN stock and Prime Day setup
Prime Day sees AMZN stock at its lowest in over a decade. It opened at $108/share on June 21 after its 20-1 stock split. That’s a market cap of just $1.08 billion, up 51 times last year’s earnings. It’s also 36% below 2022 levels, 40% below its…