Amazon and Google's parenting story, half of the carefully watched "FANG" names, reported earnings after Thursday.
Both leaders hit earnings but fell short of income estimates. Top Line Champion shipped their shares in trading after trading.
Gina Sanchez, CEO of Chantico Global said that the market's response to this earnings rate could be the biggest story as if a race from growth stocks is a long-term trend.
"It's going to be the litmus test of emotions because these were the leaders," Sanchez told CNBC's "Trading Nation "Thursday before the Revenue Release" We need to see these companies restore leadership to feel that this last inventory route was a short-term item. If not, it may be an indicator that this is a long-term reprise. "
Before October, Amazon had increased 53 percent for the year, while Alfabet had added 1[ads1]4 percent. Shares like the FANG name Facebook, Amazon, Netflix and Google's parent accounts had surpassed earlier this year when investors proved willing to pay a premium for explosive growth.
However, recent volatility has markets that change towards value names that focus on cheaper valuations compared to the rest of the market. By far this month, Amazon has fallen 11 percent and the alphabet 8 percent.
" Pricing will probably disappoint as a result, "Sanchez said in an email to CNBC after revenue releases." Not good as a market sentiment read. "
The Amazon and Alphabet misses have the potential to hang over the rest of the earnings season and send markets tumbling again," said Mark Tepper, President and CEO of Strategic Wealth Partners.
"These two companies definitely have the potential to really define this earnings season, "Tepper said on Thursday on" Trading Nation "before revenue releases.
"The revenue was strong, but the revenue was missing, really disappointing," said Tepper after earnings reports. "Unfortunately, it seems like it's getting too late."
The alphabet and Amazon are just two names that report on a busy afternoon to Wall Street. Other earnings report after the clock included Gilead Sciences, Intel, Chipotle, Expedia and Western Digital.