Text size Earnings season started last week with results from JPMorgan and other big banks. Or did it? For many investors, it doesn’t really begin until Netflix, the first of the big tech stocks, reports after Tuesday’s close. Tech looms over the market. The FAANG stocks plus Microsoft have a combined market cap of more than $7 trillion, or roughly 22% of the total value of the And big tech has been stuck. The FAANG+M stocks have risen an average of just 1.4% over the past three months, trailing the 8% gain of the market. Banks and energy stocks have risen more than 40% over that period.