The Nasdaq is up 1.58%, while the S&P 500 is up 1.23% and Consumer Discretionary is leading with a 2.2% gain.Amazon drew attention after its Prime Day event drove $26.4 billion in U.S. online spending, while analysts said discounts and stretched consumers shaped the sales surge. • Amazon.com stock is among today’s top performers. Why is AMZN stock up today?Prime Day Spending Tops Adobe EstimateAdobe Analytics said U.S. online spending across retailers reached $26.4 billion during Amazon’s four-day Prime Day event from June 23 through June 26, narrowly topping its earlier $26.3 billion estimate.Adobe said shoppers bought electronics, toys, appliances, personal care products, apparel, kids’ items and everyday essentials.Discounts stayed close to last year’s levels, with electronics and apparel averaging 24% markdowns and toys averaging 20%. Adobe also said buy-now-pay-later options accounted for 6.6% of all orders.Experts Flag Discounts and Consumer FatigueCFRA Research analyst Arun Sundaram told Reuters on Saturday that tax refunds may have helped shoppers spend on discretionary categories during the event.IRS data showed average tax refunds rose 11.1% to $3,462 in 2026, though Sundaram said that boost will not help most shoppers during the fall and winter shopping seasons.Alix Partners retail managing director Sonia Lapinsky told Reuters that Prime Day buying showed consumers were stocking up on products they already planned to buy. She said the event pointed to a tired consumer who is not necessarily spending more, but is trying to stretch money through better deals and discounts.Technical AnalysisAmazon is trading right on top of its 20-day trend gauges (near the $242.60 20-day SMA and $242.71 20-day EMA), which often acts like a "decision zone" for short-term direction. The bigger picture is more mixed: the stock is trading 5.4% below its 50-day SMA ($255.98) but remains 3.1% above its 100-day SMA ($234.93) and 4% above its 200-day SMA ($232.83).The longer-term trend backdrop remains constructive following the Golden Cross in May, but the shorter-term structure has been choppy, with the 20-day SMA below the 50-day SMA (a bearish alignment).Earnings & Analyst OutlookLooking further out, the next major catalyst for the stock arrives with the July 30 (estimated) earnings report.