Forget the BBQs and beach trips – Wall Street had its own holiday plans, and boy, did it party! 

The S&P 500 and Nasdaq set off their own fireworks, with record breaking day since again.. The S&P 500 strutted its stuff, climbing 0.5% to hit a new high of 5,537, while the Nasdaq, boosted by tech giants, jumped nearly 0.9%. Meanwhile, the Dow Jones, playing the grumpy uncle, slipped by 0.1%.

Let’s see what else you missed before you eat 15 hot dogs and light off those cherry bombs (safety first).

Today we’re going to go over Tesla lighting it up with their 7-day win streak (6.5% today)...

Why traders are 74% certain of a rate cut by September…

And investors clicking “add to cart” on Amazon with Bezos selling $5 billion in shares…

Here’s our heatmap for today’s limited trading session.

In the midst of a LOT of green today… new economic data acted like the unexpected party crasher. 

The U.S. services sector shrank at its quickest pace in four years, and private-sector job creation? 

Well, it added about as much excitement as a deflated beach ball, mustering just 150,000 new jobs in June, falling short of the anticipated 165,000.

Traders responded by betting 74% on a September rate cut, according to CME’s FedWatch tool, while the 10-year Treasury yield dropped 8 basis points to around 4.35%.

In the stock market session, Tesla and Nvidia stole the spotlight once again. Tesla’s stock zoomed 6.5%, celebrating a seven-day winning streak – its first this year. Nvidia, leaped 4.6%, helping the Nasdaq show off.

Stock.News Spikers of the Day

Koss Corporation: [KOSS] [+143.81%]

Adamas One Corp.: [JEWL] [+89.14%]

Bezos Sells $5 Billion in AMZN, But Investors Are Still “Adding to Cart”?

Jeff Bezos, the man who started off selling books online from his garage, is now selling chunks of his Amazon stock like it's the latest trending item on Prime Day. 

(Source: Amazon)

Bezos, Amazon's former CEO and current executive chair, recently announced he’s offloading another $5 billion worth of Amazon shares. 

If you're already clutching your Prime membership card in worry, hold on just a second.

The sale is part of a grander scheme where Bezos has already sold more than $13 billion worth of Amazon stock this year alone. Just a few days ago, Amazon's market cap hit a cool $2 trillion and the stock hit all time highs, making Bezos’ sale seem like he's just scraping some frosting off a very large cake. And don’t worry, he’s still got about 9% of Amazon tucked away, safe and sound.

It's easy to see a billionaire selling his stock and think, “Is this the beginning of the end?” But let’s not get carried away. 

Bezos, who founded Amazon in 1994, has been stepping back from the company for a while now. 

He handed over the CEO reins in 2021 and has since been dabbling in everything from space travel with Blue Origin to running a newspaper, The Washington Post.

Bezos’ move to Florida—hello, no state income tax—suggests he’s more interested in enjoying his billions under the sun than worrying about Seattle's drizzle or Amazon's day-to-day. Besides, when you’ve got rockets to launch and newspapers to run, a little extra cash can come in handy.

(Source: New York Post)

So, why might this not be a bad sign for Amazon? Analysts are buzzing with excitement about Amazon’s potential, especially in the realm of artificial intelligence (AI). 

Amazon Web Services (AWS), the company's cloud division, is poised to benefit massively from AI advancements. According to Mizuho analyst James Lee, AWS's generative AI projects are nearing an inflection point, and could see commercial deployments within six months. He’s upped his revenue growth forecast to 20%, well above the average 18% predicted by other analysts.

AI is the hot new thing, and everyone from Microsoft to Google is in the race. Amazon is no exception. The company plans to invest over $100 billion in data centers over the next decade to support its AI ambitions.

AWS has been a major profit driver for Amazon, and with AI, it's expected to keep leading the charge.

If you're an Amazon shareholder, recent stock movements might have given you a pleasant surprise. Amazon shares recently tested an all-time high, trading above $200 for the first time. This surge is part of a broader trend, with Amazon stock up more than 30% this year, outpacing the S&P 500’s 15% gain.

Under the leadership of Andy Jassy, who took over as CEO in 2021, Amazon has continued to innovate and expand. Jassy has made AI a focal point of Amazon's future plans, positioning the company to compete fiercely with tech giants like Microsoft and Google.

In the grand scheme of things, Bezos selling off $5 billion in stock is just another chapter in the epic tale of Amazon. With their AI advancements on the horizon and a market cap that's reached stratospheric heights, Amazon is far from slowing down. So, while Bezos might be swapping stock for multiple Miami mansions and yacht vacations, Amazon’s future looks as bright as ever. Ironically, just as I was wrapping up this article, my phone buzzed with a notification—my wife just bought something from Amazon, I don’t think the company’s going anywhere for a long time.

Stock.News has positions in Tesla and Amazon.