Billionaire hedge fund manager David Tepper said Amazon's stock looks attractive as it hovers near lowest point since September

• David Tepper told CNBC Amazon's stock price looks attractive at current levels.
• The e-commerce giant is hovering near a five and a quarter month low.
• Tepper said he likes Amazon and other "bellwether stocks."
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David Tepper told CNBC's Joe Kernen that Amazon's stock price looks attractive after the recent mega-cap tech pullback.

Amazon is currently trading at $2,999, narrowly above last week's five and a quarter month lows.

The Appaloosa Management founder said Amazon's stock now looks inexpensive, according to Kernen.

The e-commerce giant has fallen nearly 10% in the last month as investors rotate out of mega-cap technology stocks and into names that benefit from rising yields and a recovering economy.

Tepper said he still likes Amazon and other "bellwether stocks." He added that Amazon has permanently changed aspects of consumer behavior. For example, people are less inclined to buy products like t-shirts in retail stores if they can just shop on Amazon.

The hedge fund manager also said it's difficult to be bearish on stocks right now because rates have now stabilized and the $1.9 trillion pandemic relief package that was just approved by the Senate will be bullish for the stock market.