SAN FRANCISCO—The pressure is on for Amazon, Alphabet, and Microsoft as they prepare to report quarterly results at a time when confidence in those market leaders looks increasingly fragile and in danger of derailing Wall Street’s rally.
After worries about higher interest rates sparked a steep sell-off in early October and again on Oct. 18, the S&P 500 remains down 5 percent from its Sept. 20 record high close, with top-shelf stocks including Amazon.com Inc., Alphabet Inc., Netflix Inc., and Facebook Inc. showing little of their vitality from recent years.
