Amazon has eclipsed Microsoft as the most valuable publicly traded company in the U.S. due to the changes in the stock market.
As AP reports, the shift occurred Monday after Amazon’s shares rose 3 percent to close at USD 1,629.51 and lifted the e-commerce leader’s market value to USD 797 billion.
Meanwhile, Microsoft’s stock edged up by less than 1 percent to finish at USD 102.06, leaving the computer software maker’s value at USD 784 billion.
As said, it marks the first time Amazon has held the top spot and ends Microsoft’s brief return to the pinnacle after it surpassed Apple in late November. The repositioning has been triggered by mounting concerns that the Trump administration’s trade war with China and rising interest rates will bog down the worldwide economy.
As AP writes, if that were to happen, it’s likely to slow the growth of companies in technology and other industries that generate a substantial chunk of their revenue outside the U.S.