*By Kavitha Shastry*
Amazon briefly joined the $1 trillion club Tuesday, becoming the second U.S. company to reach the milestone market cap in as many months.
The e-commerce giant saw shares rise to $2,050.50 just before noon, putting its valuation just about $100 billion behind Apple, which crossed the line a little over a month ago.
That may sound like a huge sum separating the two, but Amazon could actually surpass the iPhone maker in short order ー the stock's 74 percent gain this year is more than double that of Apple, and if shares of both companies keep the same pace, Amazon could close the gap by the end of the year.
Still, plenty of catalysts could affect the horse race ー investors will be closely watching Apple's big iPhone reveal next Wednesday, and the all-important holiday shopping season will be key for Amazon. Then, of course, there's Microsoft and Google parent Alphabet, both of which are gaining ground, with market caps of about $850 billion each.
But while Amazon's and Apple's runs created plenty of fanfare, they're not the first companies to hit the $1 trillion level. China Petroleum did so on the Hong Kong exchange back in 2007, but those shares have since plummeted, giving the one-time oil giant a current market cap of around $121 billion.
Amid peak summer travel, thousands of air travelers faced flight cancellations and delays this weekend as thunderstorms rolled in across the U.S. East Coast and Midwest.
Be Well: What the Federal Reserve's Rate Hike Pause Means for Economy
Be Well: Products to Keep You Fresh During Sweltering Summer Heat
Amazon could be the largest retailer in 2024, according to a report while FTX is suing former disgraced CEO Sam Bankman-Fried to retrieve funds. And the Directors Guild of America members voted in favor of a new contract.
Stocks are drifting Monday in their first trading since a big rally for Wall Street hit its first roadblock in six weeks.
The final week of trading in June kicked off as stocks were mixed following the rebellion in Russia.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Another drop for stocks on Friday has Wall Street on track to close out its first losing week in the last six.
Workers at 150 Starbucks locations will strike in the coming week over what their union says is a clash over decor supporting LBGTQ+ causes, but the company denies it's banned any such displays and accused the union of using misinformation as a tactic in labor talks.
About 7.5 million singing and swimming “Baby Shark” bath toys are being recalled after multiple lacerations and puncture wounds were reported in children playing with them.
