E-commerce giant Amazon (NasdaqGS: AMZN) is leading the charge in the consumer discretionary space and sector-related exchange traded funds as the retailer celebrates its 20th anniversary.
Amazon stocks jumped 2.5% Tuesday to a new all-time high. Additionally, consumer discretionary ETFs also touched new highs. For instance, the Consumer Discretionary Select Sector SPDR (NYSEArca: XLY) was up 0.1%, Vanguard Consumer Discretionary ETF (NYSEArca: VCR) was 0.1% higher and iShares US Consumer Services ETF (NYSEArca: IYC) was slightly higher.
Amazon is the second largest component in the consumer discretionary ETFs, including 7.2% of XLY, 5.5% of VCR and 5.6% of IYC.
The e-commerce giant was rallying a day after company stocks surged 2.7% to a record close Monday, and a day ahead of its scheduled “Prime Day” on Wednesday.
The company’s so-called Prime Day event is said to rival Black Friday deals, but the massive sales will only be available to Prime members, reports Tomi Kilgore for MarketWatch.
Analysts have turned optimistic on the future outlook of the online retailer. For instance, Wells Fargo analyst Matt Nemer also reiterated his top outperform rating. UBS analyst Eric Sheridan upgraded Amazon to buy from neutral, with a price target of almost 18% above current levels, pointing to the “fast growing and higher spending Prime subscriber base.”