Amazon shares closed near $250 on September 25, 2026, after pulling back roughly 13% from the August high of $287 amid elevated capital spending. Q2 results showed robust 20% revenue growth to $200.6 billion and AWS acceleration to 37% year-over-year, yet management lifted full-year capex guidance to about $220 billion to fund AI infrastructure, pressuring free cash flow. With Q3 earnings scheduled for late October—coinciding with the market resolution—traders are focused on whether AWS growth sustains above 35% and operating income meets the $22.5–26.5 billion guidance range. Broader equity sentiment, Treasury yields, and any revisions to 2026 revenue forecasts will also shape positioning ahead of the report.