The Nasdaq fell into a correction last week, the 70th in its 52-year history.

The index, dominated by the Magnificent Seven and sensitive to changes in interest rates, is down about 23% over the past year. Amid heightened geopolitical risks and rising Treasury yields, investors are looking for results in stocks that once soared to new heights because of their potential and “big tech” earnings have fallen short of expectations.

Amazon (AMZN) posted positive top- and bottom-line results, but while the company reported 12% year-over-year growth in cloud computing, cloud revenue fell short of analysts’ expectations. Similarly, Alphabet (GOOG, GOOGL) reported growth in revenue and earnings per share, but Google’s parent company significantly underperformed on cloud computing revenue of $8.41 billion versus analysts’ expectations of $8.6 billion.

The exception was Microsoft (MSFT), which beat expectations on both top and bottom line revenue and growth rates, and won in the cloud with its Azure business.

Tesla (TSLA), meanwhile, beat Wall Street estimates by a wide margin. Apple (AAPL), reporting next week, saw its device sales decline in 2023.

Social media giant Meta (META) beat estimates but issued a conservative fourth-quarter forecast, citing geopolitical unrest, and Snap (SNAP) backed that view.