Stock Market Today, Nov. 2: Amazon Rallies on Phillip Securities Buy Upgrade and $330 Target

Amazon (AMZN) rallied 2.20% to $245.63 on November 2, 2026, even as the broader tape sold off. A Phillip Securities buy upgrade with a $330 price target drove the move.

Analyst Helena Wang anchored the call on strong AWS cloud demand and AI positioning. AWS revenue jumped 39% year-over-year to $46 billion, the figure underpinning the bullish thesis.

The relative strength stands out. The S&P 500 fell 0.50% and the Nasdaq dropped 1.07% on the same session, so AMZN outperformed the Nasdaq by roughly 3.3 percentage points. Retail peers Walmart (WMT) and Costco (COST) also posted gains, suggesting buyers favored large-cap retail names while the index backdrop weakened.

The $330 target sits well above the $245.63 close. That implies about 34% upside, a gap that makes this a high-conviction call from Phillip Securities. Interpretation: a single upgrade, even with a wide target, does not confirm a trend, but pairing a fresh analyst catalyst with outperformance against falling indexes is the kind of setup momentum traders track.