Amazon.com, Inc. $AMZN

FAANG stocks have been struggling to extend the upside momentum into 2021 as four out of five FAANG components are still struggling to generate positive returns so far this year. Apple (NASDAQ: AAPL) is down 2% year to date while Amazon (NASDAQ: AMZN) and Facebook (NASDAQ: FB) are also in the red since the beginning of this year.

Investor’s strategy of capitalizing on tech stocks selloff is helping in building a new momentum in the NASDAQ index, which is likely to continue for the next few months because the majority of big tech and information technology companies are seeing bright prospects ahead.

Investors rush to buy Netflix (NASDAQ: NFLX) stock after fourth-quarter earnings as the largest streaming giant has topped subscribers growth estimates by more than 2 million additions, bringing the full-year subscribers to an annual record of 37 million.

FAANG stocks have outperformed the broader market index in 2020 by a wide margin but the group underperformed since the beginning of 2021 due to lofty valuations.

Amazon stock has been under pressure over the past few weeks amid the broader market volatility, but the latest sales report would help in enhancing bullish sentiments. Its third-quarter sales jumped 37% from the year-ago period, with expectations for similar growth in the final quarter.

Amazon stock price has been struggling to generate a sustainable upside momentum over the last month only due to broader market volatility. The shares of the world’s largest e-commerce company fell sharply from an all-time high of $3500 to around $3200 at present.

Amazon stock price has been struggling to breach the previous all-time high of $3300 that it had hit last month. While the shares gained some momentum after the second-quarter beat on both revenue and earnings, investor's concerns over AWS revenue growth kept the laid on the stock.

Amazon stock price rebounded sharply on Monday and extend the upside momentum in Wednesday trade to $3200 level.

Amazon stock price is among the biggest winners of the pandemic as its shares have been rallying on consumer's shift towards online platforms. Its stock breached several records in the past two months. This week, the shares passed the $3000 milestone for the first time in history.

Amazon stock price has been rallying at a robust pace over the past couple of months amid consumer's shift towards online platforms due to social distancing policies to avoid the spread of coronavirus.