Microsoft, Meta, and Google all report earnings after the bell, and the way these names react will help set the tone for what comes next.
But there’s one more name I’m watching closely — Amazon.
This isn’t just another earnings report. Amazon alone makes up nearly 25% of the Consumer Discretionary Index.
When it moves, the entire sector — and often the broader market — feels it.
And right now, it’s not sitting still.
Over the past few weeks, AMZN has gone vertical. The stock is up roughly 30%, barely pausing along the way, and just broke out to fresh all-time highs.
We’re talking about the largest retailer in the world. A true bellwether.
When Amazon is trending higher, it typically reflects strong demand and healthy risk appetite across the market.
And when you overlay it with the S&P 500, the relationship is clear.
Sometimes it leads, sometimes it lags — but over time, they move together.
So if this breakout holds, it’s not just a win for one stock. It’s a tailwind for Consumer Discretionary and a constructive signal for equities more broadly.
The key level I’m watching is 255. Above that, the message is simple — this is a market you want to approach from the long side.
I’ll be breaking down exactly what I’m watching in today’s results and what they mean for the broader market starting at 3 PM ET.
