Sam Boughedda

Investing.com – Wall Street bounced on Thursday, with tech stocks leading the way as investors put aside worries about a tough reading on economic growth.

Meta Platforms Inc (NASDAQ) led the industry, lifting the 3%. After adding users in excess of what was expected, the social media company saw an 18% increase and beat low expectations.

After a significant drop in the start of the year, tech has seen a rally of 16%. Investors may be seeing an opportunity to buy now. However, it remains unclear how high rising interest rates could impact the sector. Growth stocks are affected by rising rates.

Thursday’s negative reading for – it fell 1.4% in the first quarter against expectations for a 1.1% gain – will be followed Friday by a reading on personal income and personal spending, which could give analysts a reason to see growth ahead. Despite rising inflation, spending has been robust.

OANDA’s senior market analyst Ed Moya stated that this number has been distorted due to the trade deficit. Exports couldn’t keep up with imports “which suggests the economy is still robust and that inventory investment will improve,” he said in a note.

Two events are on investors’ radars next week: the Federal Reserve policy meeting and the meeting of international oil producer cartel. These meetings will be led by Russia and Saudi Arabia.

With oil prices climbing again – is back over $105 a barrel – investors will also be watching Capitol Hill, where lawmakers have been discussing ways to cut the price of gasoline.

These are the three factors that will impact markets tomorrow.

1. Earnings at Exxon

Crude oil is trading at over $100, which means energy companies have an advantage. Exxon Mobil Corp (NYSE 🙂 Chevron Corp (NYSE 🙂 will announce earnings Friday.

Survey of analysts by Investing.comExxon Mobil reports earnings per share at $2.23 for revenue $81.3 billion.

2. Chevron earnings

In the meantime, Chevron is expected to post earnings of $3.43 per stock and generate revenue at $50.65 billion.

3. Spending and income

U.S. personal expenditure and income data will also be available at 8:30 am ET. Investing.com’s analysts predict that March’s personal income will be at 0.4%. This is lower than the 0.5% previous reading.

The personal expenditure for March will be 0.7% which is above the 0.2% previous reading.