Amazon and Google parent Alphabet, half of the closely watched 'FANG' names, reported earnings after the bell Thursday.

Both industry leaders beat on earnings, but fell short of revenue estimates. The top-line miss sent their shares tumbling in after-hours trading.

Gina Sanchez, CEO of Chantico Global, said the market's response to that earnings beat could be the biggest tell as to whether a run from growth stocks is a longer-term trend.

"That's really going to be the litmus test of sentiment because these were the leaders," Sanchez told CNBC's "Trading Nation" on Thursday before the earnings releases "We need to see these companies re-establish leadership in order to feel like this latest stock rout was a short-term thing. If not it could be an indicator that this is a longer-term repricing."

Before October's sell-off, Amazon had surged 53 percent for the year, while Alphabet had added 14 percent. Stocks like FANG names Facebook, Amazon, Netflix and Google parent Alphabet had outperformed earlier in the year as investors proved willing to pay a premium for explosive growth.

However, recent volatility has markets shifting toward value names which focus on cheaper valuations relative to the rest of the market. So far this month, Amazon has dropped 11 percent and Alphabet 8 percent.

"The price action will likely disappoint as a result," Sanchez said in an email to CNBC after the earnings releases. "Not great as a market sentiment read."

Amazon's and Alphabet's misses have the potential to hang over the rest of the earnings season and send markets tumbling again, said Mark Tepper, president and CEO of Strategic Wealth Partners.

"These two companies definitely have the potential to really define this earnings season," Tepper said Thursday on "Trading Nation" before the earnings releases.

"Earnings were strong, but the revenue misses were really disappointing," Tepper said after the earnings announcements. "Unfortunately, it seems like that's becoming a trend as of late."

Alphabet and Amazon are just two names reporting on a busy afternoon for Wall Street. Other earnings reports out after the bell included Gilead Sciences, Intel, Chipotle, Expedia and Western Digital.