This is what the market looks like without FANG bloc of tech megacaps

Rarely does a day go by in the US stock market without someone decrying its addiction to gains in the FANG bloc of tech megacaps.
 

Now, in the middle of earnings season, their support has gone missing, and the result has been something less than a
catastrophe.
 

Not that it was a banner week. The S&P 500 Index ended where it started, and the Nasdaq 100 — home of Facebook, Amazon.com, Netflix and Google parent Alphabet — slipped from a record. But with trade tweets popping off all over the place and a currency war brewing, anything short of a rout could be claimed as a victory by the bulls.
 

For the five sessions, the S&P 500 rose less than a point to 2,801.83. The Dow Jones Industrial Average added 39 points to 25,058.12. The Nasdaq 100 lost 0.4 percent to 7,350.23. Indexes of small caps climbed, and the Cboe Volatility Index ended below 15 for a third consecutive week.

By far the biggest blowup of the earnings season has come from FANG constituent Netflix, a hit that tech investors never quite got over. With Alphabet, Facebook and Amazon all due to report next week, concern is growing that hopes for group may have finally outstripped what they will realistically be able to deliver.
 

“Expectations have been set so high and valuations are so rich, no wonder people are worried,” said Chad Morganlander, portfolio manager at Washington Crossing Advisors. “Tech megacaps are doing fine, but the positive story is all priced in. There is concern about peak earnings, there is concern about what the trade war will do to the index of high-growth, high-multiple companies.”