Market Recap – May 23rd
On Tuesday, the S&P 500 experienced a decline following an unsuccessful meeting between President Joe Biden and House Speaker Kevin McCarthy regarding the debt ceiling. The Dow Jones Industrial Average remained unchanged, while the S&P 500 lost 0.2% and the Nasdaq Composite dipped 0.1%.
Despite a challenging 2022, Amazon is performing well in 2023 . Its crown jewel is Amazon Web Services (AWS), a highly profitable cloud services arm with over $85 billion annual revenue. AWS alone could be valued at $850 billion. With Amazon’s current valuation of around $1 trillion, investors get the rest of the company’s operations, generating $434 billion in 2022 sales for roughly $150 billion. AMZN shares have risen 37.5% in 2023. With the return of CEO Bob Iger, Walt Disney Co. has strong leadership. Iger oversaw successful acquisitions of Pixar, Marvel, and Lucasfilm. Despite a subscriber loss from Hotstar, Disney+ mitigated the impact with a price hike. DIS stock has gained 6.8% this year.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.