With Microsoft and Google parent Alphabet losing $30 billion each in market cap following their earnings, investors are understandably nervous about technology stocks. And with Apple and Facebook reporting earnings this week, another test could come for stocks.
"Just looking at how tech has performed this year, it's only up half as much as the S&P, 1 versus 2 percent," Convergex Nick Colas said Friday on CNBC's "Power Lunch."
Colas added that part of the issue lies with investor interest as attention has turned toward other markets.
"Looking at how large cap has performed, it's down versus small caps, 2 versus 4 percent," he said.
According to Colas, investors might be better served looking at other sectors.
"What we see at our desk is a lot more interest from institutional investors in value names. The energy sector's done quite well, continuous interest there, and financials for being a pretty lousy group here to date, have done a really good job over the last five days picking themselves up. So it seems like a rotation on a lot of different levels," Colas said.
"It's a bigger issue [because] it looks like big cap tech is kind of becoming yesterday's news," he added.
Facebook and Apple account for just over 20 percent of the XLK, the ETF that tracks the tech-heavy Nasdaq 100.
Still, for those worried about a looming sell-off, one investor says Chair Janet Yellen and the Fed will support stocks.
"Stocks are higher overall because Janet has spiked the Kool-Aid with the Fed, and shot the March rate hike and the June rate hike right between the eyes," ACG Analytics' Larry McDonald said on "Power Lunch." "That's why stocks are up. Lets get real, that's the reality of the situation."
The Fed concludes a crucial two-day meeting on Wednesday.