Tech (XLK) and Consumer Discretionary (XLY) stocks led the weekly gains on Friday, as all three major averages ended the week with solid gains over investor optimism of easing trade tensions and a possible Fed rate cut by the summer.
The Dow Jones Industrial Average (^DJI) finished the week up more than 2%. The S&P 500 (^GSPC) notched its longest win run since January, up more than 4% for the week. The Nasdaq Composite (^IXIC) also rallied to close the session up more than 1.2%, while the tech-heavy index was 6% higher of the week.
The “Magnificent Seven” stocks all rose, led by shares of EV Tesla (TSLA), up more than 9% for the session, and about 18% over the past five trading sessions.
Google parent Alphabet (GOOGL, GOOG) also led the market gains after posting strong quarterly results on Thursday.
Next week investors will hear from software giant Microsoft (MSFT) and social media platform Meta (META) as they report earnings on Wednesday. Tech giant Apple (AAPL) and e-commerce platform Amazon (AMZN) will also report earnings on Thursday.