Amazon Is Underperforming the S&P 500 and Nasdaq-100. Could Oct. 29 Mark a Turning Point?

Amazon's stock has risen only 7% in 2026, underperforming the S&P 500 (11%) and Nasdaq-100 (16%), despite strong business fundamentals. The company's low-margin e-commerce business and massive capital expenditures ($220 billion annually) have pressured valuations. Ahead of Q3 earnings on Oct. 29, the article suggests long-term investors should focus on Amazon's strong AWS growth and digital advertising expansion rather than short-term catalysts, as current investments in AI infrastructure should drive future profitability.