In the first quarter of 2023, the S & P 500 is up more than 3%. .SPX YTD mountain S & P 500 YTD However, the "Fast Money" traders said investors are failing to price in tightening credit conditions, as well as a weaker macro environment, ahead of first quarter earnings — particularly in the tech sector. Nathan said consensus estimates for tech stocks are elevated, even as those companies contend with a higher interest rate and inflationary environment. Similarly, investors piled into mega-cap tech stocks after the recent banking crisis, citing their "stability," Grasso said. Trader Karen Finerman was less negative on the sector, saying supply chain issues and a pullback in the stronger dollar have eased this year, weighing less on mega-cap tech stocks.

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