Amazon stock jumps to new all-time high of $1,017

Key Points
  • Amazon shares hit an all-time intraday high Monday.
  • Whole Foods market shares were also at a 52-week high.
  • The two announced an agreement to merge last week.
Amazon will likely cut prices at Whole Foods: Report

Amazon shares hit an all-time intraday high on Monday, after the company announced a blockbuster agreement to acquire Whole Foods last week.

The online retail giant's shares reached $1,017 after the opening bell. Whole Foods Market shares were at a 52-week intraday high.

The $13.7 billion deal, which will expand Amazon's reach in the grocery business, sent shares of major retailers plunging Friday. Wal-Mart shares have fallen more than 5 percent over the past week, while Kroger shares are down over 25 percent.

Amazon shares have flirted with record highs all year, with share prices topping $1,000 apiece at the end of May. The move higher follows the broader market — the Dow Jones industrial average opened at a record high on Monday.

After Amazon flexed its muscle in the grocery space last week, CEO Jeff Bezos will test his might in the political arena this week. Bezos is among the business leaders expected to gather at the White House on Monday, according to Reuters.