Amazon (NASDAQ: AMZN) stock jumps more than 4% as record-breaking Prime Day online spending topped $26.4 billion, driving a massive rally in retail and tech shares.

Retail experts attribute the 9.3% year-over-year increase in spending to high inflation and shoppers purchasing more discretionary, long-lasting products.

Total spending for the period was up 9.3% from last year’s Prime Day sale held in July, according to Adobe.