Investing.com - Amazon.com (NASDAQ:AMZN) was on the winning side of a retail sector engaged in a tug-of-war midday, thanks in part to some broad buying on clarity following the midterm elections.
Amazon jumped about 5% at 11:55 AM ET (16:55 GMT), helping the S&P 500 Consumer Discretionary index up about 2%.
Shares of Amazon broke through $1,700, which some traders pointed to as a resistance level, in early trading and held firm above that midday.
There was no specific catalyst, but big-name technology stocks as whole were performing well. And investors may think a Democratic House could limit the effects of President Donald Trump’s distaste for CEO Jeff Bezos.
In a video interview with Axios aired Sunday, Trump said his administration was looking seriously at potential antitrust violations by big tech companies, including Amazon.
But Amazon’s gains in the sector masked some big losers like shoe retailer Michael Kors.
Shares of Michael Kors (NYSE:KORS) plunged about 14% after weak European sales resulted in a miss on quarterly revenue.
Target (NYSE:TGT) edged up just 0.7%, despite an upgrade to outperform from market perform from S.G. Cowen.
Gap (NYSE:GPS), down about 3%, and Foot Locker (NYSE:FL), off about 2%, also struggled.