By Lewis Krauskopf

NEW YORK, (Reuters) – Mixed results from U.S. megacap firms are dampening an otherwise positive first quarter earnings season. They also have so far failed to boost stock performance in light of U.S. Federal Reserve monetary tightening.

After a busy week with earnings, which saw large swings in equity markets, Friday’s disappointing report by Amazon (NASDAQ) was the highlight of a quiet week. Amazon shares fell 14% and the stock market plunged 3.6%. Amazon (NASDAQ:) delivered disappointing results and an uncertain outlook. This was due to higher operating costs and the inability to deliver parcels to customers.

Robert Pavlik (senior portfolio manager, Dakota Wealth, Fairfield) stated that although Q1 reports were generally better than anticipated, some megacaps disappointed and that those disappointments had a negative impact on the market.

The S&P 500 ended with its fourth straight weekly decline that has pulled the benchmark index down 13.3% in the first four months of the year.

In April, the tech-heavy Nasdaq saw a 13.3% drop. This was its largest monthly decline since October 2008 during the financial crisis.

Investors expressed concern about rising inflation and the Fed’s plan to reign it in aggressively, as well as geopolitical concerns such the conflict in Ukraine and China.

Pavlik explained that those are the main themes. Earnings aren’t strong enough to override them.”

With 275 companies reported, S&P 500 earnings were on track to have climbed 10.1% in the first quarter from the year-earlier period, up from an expectation of a 6.4% increase at the start of April, according to Refinitiv data as of Friday.

80.4% reported earnings that exceeded analyst estimates so far. This beat rate, which is more than 66% in a normal quarter, has been higher since 1994 and just below the 83% of the four previous quarters according to Refinitiv.

Randy Frederick (Vice President of Trading and Derivatives) said, “I would not consider it a great earning season or a terrible one.” Charles Schwab Austin (NYSE:). It’s quite mediocre.

Meta Platforms’ shares rose 17.6% Thursday, after Wall Street was surprised by a greater than expected rise in the number of users signing up for the platform.

Others major stocks are not doing as well. Other than Amazon, Alphabet, Google’s parent company (NASDAQ:), shares fell on Wednesday, while Netlfix shares plummeted earlier in the month following its announcement.

The combined earnings per share of top megacap growth businesses – Alphabet and Amazon (NASDAQ), Microsoft (NASDAQ), Meta, Alphabet, Amazon, Meta, and Microsoft – declined by 1.2% according to Axios. Credit Suisse (SIX) Equity strategists Jonathan Golub & Manish Bangard

That compares to a gain of 12.4% for all other S&P 500 companies, including a combination of already reported results and estimates for yet-to-be released first-quarter results, the Credit Suisse strategists said in a note.

Credit Suisse reported that the aggregate earnings beat for these five big companies was 2.3%, compared to 8.6% for all companies reporting results as of Thursday.

The bank’s strategists stated that these five stocks had “deceiving results” this week.

While many of the largest companies already have reported, nearly half the members of the S&P 500 still are on tap. Pfizer This week’s reports include ConocoPhillips, Starbucks (NASDAQ:), and ConocoPhillips.