By Yasin Ebrahim

Investing.com – The S&P 500 delivered a weekly win Friday, as an Apple-led resurgence in tech helped the broader market recover losses from earlier this week when the Federal Reserve signaled a steeper pace of rate hikes. 

The Nasdaq gained 3.1%, and the rose by 2.4%.

Apple (NASDAQ:) jumped 7% after reporting quarterly results that topped analysts’ estimates following better-than-expected iPhone sales despite a drag from supply-chain issues.

According to the tech giant, supply chain problems will improve in future. That should boost sentiment for tech stocks.

“[Tim] Cook is calling out some supply chain improvement for the March quarter which are ‘calming words heard around the tech world’ and much needed good news in what has been a market storm to start 2022,” Wedbush said in a note.

Facebook (NASDAQ:), Google-parent Alphabet (NASDAQ:) Amazon (NASDAQ:), and Microsoft  (NASDAQ:) ended the day up more than 1%. 

Tech was helped not only by bullish earnings but also by falling U.S. bond yields after economic data showed that inflation is still gaining steam in a period when consumers have reacted to it.

The December drop of 0.6% was the biggest monthly decrease since February. However, the Omicron variation was responsible for the slowdown in spending.

“Spending was hit hard by a combination of the Omicron hit to discretionary services and people’s willingness to visit malls, alongside a void left by earlier-than-usual holiday shopping, triggered by fears of shortages of popular items,” according to Pantheon Macroeconomics.

Since 1983, core personal consumption expenses price index rose at 4.9%.

Also, Visa (NYSE: ) gained more than 10% on the day after posting fiscal first-quarter earnings. The revenue and earnings exceeded Wall Street’s estimates. This was due to higher cross border payments volumes that supported growth.

“After sentiment shifted away from established payment companies, Visa’s relative valuation/growth presents a significant buying opportunity for investors focused on sustainable growth,” Oppenheimer said in a note.

Robinhood Markets (NASDAQ): meanwhile, provided disappointing guidance regarding revenue for the fiscal first-quarter following users falling in the fourth. But, the shares of trading platform pared down losses and closed more than 9 percent higher.  

The rally was not a success with energy, which suffered from a 3.3% drop in oil prices. Chevron (NYSE:), after oil giant reported quarter-end results that fell short of the bottom line.

Caterpillar The Dow Index bellwether (NYSE:) was also suffering losses exceeding 6%. Better-than-expected quarterly results were overshadowed in part by lower margins due to rising costs.