The Stock Market’s Biggest Risk Isn’t the Fed. It’s Earnings.

Let’s call it a dress rehearsal for the funeral.

We’re referring to the drubbing that tech stocks took this past week. On the surface, it wasn’t all that bad. The Nasdaq Composite fell 0.3%, better than the Dow Jones Industrial Average’s 0.9% drop and on par with the S&P 500’s 0.3% decline.

Yet the pain for the most-expensive speculative…