This earnings season’s tech wreck could continue to pressure the Nasdaq Composite, while other sectors may help broader indices deflect some of the pain. Amazon ‘s stock was hammered after the company missed estimates and gave a disappointing sales forecast for the current quarter . The stock was down 13% in premarket trading. “It’s just another name that shows the tables have turned on FANG,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “They’re subject to gravity and the same economic headwinds that everybody else is. They’re not immune. Valuations are still very high in these stocks.” Amazon’s high profile blow-up follows a sharp drop in Facebook parent Meta Platforms, which plunged nearly 25% Thursday after issuing disappointing earnings results and a weak forecast. The two were members of FANG, a group of four favorite stocks that joined other Big Tech in carrying the market to highs before the bear market. Google parent Alphabet was also part of the group, and its weak earnings news this week helped push its stock to a new low for the year Thursday . Netflix i s the only FANG name to rise after issuing quarterly results . Microsoft was another Big Tech disappointment, down more than 6.3% for the week so far after weak guidance but beats on earnings and revenue. “These stocks were trillion-dollar market caps, and what’s the value of Amazon retail? It just can’t make any money,” said Boockvar. “This is the part of a bear market where they eventually get to everything, and now they’re getting to everything.” An ‘anchor on the market’ The Nasdaq and Nasdaq 100 were lower on the week, but the S & P 500 and Dow were both higher for that period as of Thursday’s close. The Nasdaq 100 was down 1% for the week, while the S & P 500 was up 1.4%. “They’re acting as an anchor on the market,” said Patrick Palfrey, senior equity strategist at Credit Suisse. “There are more commodities-oriented groups that are benefiting from economic success… Right now, we’re seeing success in cyclical companies because of inflation.” Industrials, energy and materials were all higher on the week, with industrials leading with a nearly 4.3% gain as of Thursday’s close. Tech was off by 0.2%. Communications services, which includes Meta and Alphabet, was lower by about 5.7% for the week. Tech has faced headwinds from high costs, supply chain issues and a slower economy. “I think by and large as we begin to move into next year, the earnings picture for them begins to improve dramatically for tech. This year has been difficult,” said Palfrey, adding companies also faced tough comparisons from last year’s strength, as they lost earnings momentum. One bright spot for the tech trade was Apple. Apple beat on the top and bottom lines when it released earnings Thursday afternoon, but it warned of deceleration in the current quarter and sales of some products were lighter than expected. Its stock fluctuated in after hours trading and was slightly higher following its conference call with analysts. Apple’s report has been much anticipated by investors, since it is 7% of the S & P 500. “Apple can change the tone of the market,” said Katie Stockton, founder of Fairlead Strategies. “A favorable reaction could lift tech off its lows and help extend the relief rally in the S & P. A gap down would do the opposite.” she said. Apple faces a test at $152 on the upside, and it should find support at about $129 on the downside, Stockton said.