(Bloomberg) — Amazon.com Inc. led a rebound in megacap tech stocks, which bounced off their lows as a selloff driven by growing inflation fears started to subside.The tech-heavy Nasdaq 100 index was down 0.1% at 12:10 p.m. in New York after earlier falling as much as 2%. Investors’ growing concerns about rising prices had hit higher-valuation technology stocks particularly hard, with the Nasdaq 100 falling 2.6% on Monday.Amazon rose as much as 1.3% to touch a session high at $3232.97 in early afternoon trading in New York. The shares had lost 8.1% between their recent high on April 29 and the close of trading on Monday. The e-commerce giant issued $18.5 billion of bonds on Monday to refinance debt and buy back stock, its biggest debt sale ever.Read more: Amazon Borrows $18.5 Billion It Doesn’t Need in New Debt SaleFacebook Inc. erased a decline of 2.1% to trade little changed, while Netflix rose as much as 1.9%. Other FAANG stocks also rebounded but remained in the red.On the Nasdaq 100, the top gainers included software firms Splunk Inc., up 4.1% and Atlassian Corp., which gained 4%, as well as China-based e-commerce platform Pinduoduo, up 3.2%.Fast-growing technology stocks, with high valuations, have been under pressure for weeks amid rising Treasury yields. But for some analysts, the combination of generally strong financial results and post-selloff prices provide an opportunity to buy some of these shares back.“Massive growth (and further multiple expansion) is still on the horizon with tech stocks underestimating this surge of demand for the next 2-3 years,” Dan Ives at Wedbush said in a note Monday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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