Amazon .com Inc. shares rallied March 28, with the e-commerce giant becoming the first of megacap tech stocks to erase losses for the year.

Amazon .com Inc. closed with a valuation above $1 trillion for the first time Feb. 4, after failing to hold above that threshold through the end of a trading day in the previous two sessions.

Amazon.com reports fourth-quarter results after the market closes Jan. 31, with analysts braced for a relatively weak read on revenue growth, and focusing instead on the benefits cloud-computing and advertising have had on its margins.