New York, Jan 12, 2026, 16:44 EST — After-hours
- Italy’s antitrust authority slashed a lengthy fine against Amazon tied to its logistics operations.
- After-hours trading saw Amazon shares dip slightly.
- Traders are eyeing Tuesday’s U.S. inflation figures and Amazon’s upcoming earnings report for cues.
Italy’s antitrust watchdog on Monday reduced a record fine against Amazon.com, lowering the penalty linked to an abuse-of-dominance case in logistics. After hours, Amazon shares slipped roughly 0.4% to $246.47 following the 4 p.m. close. 1
The cut doesn’t close the case but slashes a known liability and throws Europe’s regulatory risk back into focus for a stock that already moves on slim shifts in sentiment.
It matters now as investors wrestle with two shifting factors for 2026: regulation and growth. The focus for Amazon remains squarely on Amazon Web Services (AWS), the cloud division that fuels a big chunk of the company’s profits.
U.S. stocks edged up Monday, with the S&P 500 and Dow hitting new records, while the Nasdaq rose 0.26%. Investors focused on upcoming earnings and fresh inflation figures. Peter Cardillo, chief market economist at Spartan Capital Securities, noted the Fed-chair probe “was basically telegraphed” and said the market was taking it “in stride.” 2
A bullish note from Bernstein is shaking up Amazon watchers. Analyst Mark Shmulik argued that the “muted” outlook for 2025 stems largely from slow AWS growth and capped retail margins, not a shortage of exciting news. He expects that to shift in 2026, with Project Rainier picking up steam and efficiency drives boosting margins. 3
Other firms stayed upbeat. Cantor Fitzgerald stuck with its Overweight rating, signaling it expects the stock to outperform. BofA Securities and Citizens held onto Buy calls, with price targets hovering near $300, according to Investing.com. 4
Investors have turned their attention to Amazon’s ventures beyond its main online platform. The company aims to open a 229,000-square-foot store in Orland Park, Illinois, designed like a big-box “supercenter” carrying groceries and general merchandise, according to a report from the Verge. 5
The next big macro event arrives before the market opens. December’s U.S. Consumer Price Index will drop Tuesday at 8:30 a.m. Eastern, the Labor Department says. 6
Amazon’s next major milestone is its quarterly earnings report, set for Feb. 5. That’s the date Wall Street is watching, per Yahoo Finance’s earnings calendar. 7
Investors are focused on AWS demand trends, the pace of Amazon’s spending on data centers and chips, and the impact on margins. Even a small change in guidance could swing the stock significantly beyond the earnings themselves.
Risks haven’t disappeared. Italy’s move might trigger more legal challenges, while regulators in other regions keep pressing big tech on competition. Large AI spending could also pinch free cash flow if demand slows. Meanwhile, AWS still needs to prove it can compete with Microsoft and Google on big enterprise workloads.
Tuesday’s CPI report will put the broader tech sector to the test. Amazon’s next checkpoint is Feb. 5, when it releases earnings and updates guidance on AWS demand and spending.
