Amazon Stock Price Up 1.3% Amid Cloud Momentum

Amazon's stock price rose 1.3% during mid-day trading on Monday, with shares reaching as high as $280.14 and last trading at $278.09.

The company traded approximately 33.2 million shares, a decline of 34% from the average session volume of 50.1 million shares.

Amazon's recent earnings report showed a beat on both EPS and revenue, with the company reporting $5.75 in quarterly EPS versus an estimate of $1.82 and revenue of $200.61 billion, up 19.6% year-over-year.

Analysts are optimistic about Amazon's cloud momentum, with some predicting that the company could reach a valuation of $5 trillion by 2029.