On the other hand, Pete Najarian claims, “I view Amazon as a tech company, and the reason I say that is AWS. That’s where the margins are.”
Yesterday, Amazon rebuffed criticism from Senator Bernie Sanders, who had recently lambasted Amazon for low wages and poor working conditions.
In a statement released online, Amazon said on Wednesday, “Senator Sanders continues to spread misleading statements about pay and benefits. Amazon is proud to have created over 130,000 new jobs last year alone. In the U.S., the average hourly wage for a full-time associate in our fulfillment centers, including cash, stock, and incentive bonuses, is over $15/hour before overtime. We encourage anyone to compare our pay and benefits to other retailers.”
Some of the main consumer discretionary ETFs were buoyed Wednesday by Amazon’s rise. Consumer Discretionary Select Sector SPDR Fund (NYSEArca: XLY) was up almost 1% yesterday, as was Vanguard Consumer Discretionary ETF (NYSEArca: VCR), both of which are weighted almost 25% by Amazon alone.
For more information on tech ETFs, visit our technology category.