By Yasin Ebrahim
Investing.com — The Dow Jones rallied on Friday, led by technology, but was unable to end its weekly losing streak amid uncertainty in the economy amid a… high inflation putting pressure on consumers.
The gained 1.5%, or 465 points, the rose 2.4% and the rallied 3.8%.
Growth sectors of the market, including tech, flourished after the recent selloff appeared to spur bargain-hunting investors back into big tech, with Amazon (NASDAQ:), Google (NASDAQ:) and Meta (NASDAQ:) in the lead.
The comeback in tech stocks has many wondering if this is a short-term rally that may soon fade, or the start of a more sustained bull run.
“I think most of the damage was done by the stock market…but I wouldn’t expect a big rollback to recoup all the recent losses,” said Sean Bonner, Guild founder and former veteran. Navy, in an interview with Investing.com on Friday, noting the threat of further upside inflation surprises, which could further impact consumers.
“Ukraine is often referred to as the ‘breadbasket of Europe’…. If much of this is taken offline, there could be more inflationary pressures on food inventories, which will affect the US PPI and CPI,” Bonner added.
on the economy in early May fell to its lowest level since 2011, the University of Michigan consumer sentiment index showed on Friday.
Twitter (NYSE:), however, reversed the upward trend, falling more than 9%, after Elon Musk said he would put his takeover of the social media company “temporarily on hold”, citing concerns about fake accounts. Tesla’s (NASDAQ:) chief executive, however, said he was committed to the privatization deal.
Twitter CEO Parag Agrawal said he still expects Musk to follow through on his deal to buy the company.
Consumer discretionary stocks were also involved in the heavy load on the broader market, supported by an increase in reopening stocks.
Las Vegas Sands (NYSE:), Wynn Resorts (NASDAQ:) and Norwegian Cruise Line (NYSE:) were the biggest gainers in the sector.
Energy, meanwhile, continued to push oil prices higher in the tug of war between weaker demand and weaker supply as the war in Ukraine rages on.
In other news, Robinhood Markets (NASDAQ:) jumped nearly 25% after Sam Bankman-Fried, the chief executive of crypto exchange FTX, acquired a 7.6% stake in the trading platform.
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