Why Amazon Stock Is Leading the "Magnificent Seven" Higher Today After U.S.-China Trade Deal

Shares of Amazon (NASDAQ: AMZN) ripped higher nearly 8% as of 11:06 a.m. ET today, after officials from the U.S. and China agreed to pause extremely high tariff levels against one another over the weekend. As of this writing, Amazon led stocks in the "Magnificent Seven" on the day, likely due to how intertwined its business with China is.The U.S. and China agreement over the weekend calls for a 90-day pause on elevated tariff rates in which the U.S. had imposed 145% levies on Chinese goods, and China, in retaliation, had imposed 125% tariffs on U.S. goods. During the 90 days, in which officials will try and hammer out a broader trade agreement, tariffs on Chinese goods coming into the U.S. will be about 30%, while tariffs on U.S. goods into China will come down to 10%.It's big for Amazon, which gets an estimated 30% of its gross merchandise value, or the value of products sold on its website, from China, according to analysts from Raymond James. Roughly 14% of advertising spend in 2024 also came from advertisers in China, which is more than others in the Magnificent Seven.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool