Tech stocks have been nursing a new year hangover, pushing the Nasdaq into correction territory. Momentum is building against companies with exciting promises to reshape the world, as investors turn to “value” alternatives such as oil and banking.

The tech sector now faces a crunch fortnight as its biggest names report results, including Microsoft on Tuesday, Tesla on Wednesday and Apple on Thursday. They must prove they can thrive in a post-lockdown world where the cost-of-living squeeze is leaving people with less money for tech products and services.

“The outlook for the Nasdaq 100 will be much clearer in two weeks,” says Matt Weller, global head of research at Forex.com and City Index. Soft earnings reports or weak guidance could see the index make one of its worst starts in over a decade.