By Yasin Ebrahim

Investing.com — Tech led the Dow to a rally Friday but it was not able to reverse its losing streak of the week. The uncertainty surrounding the economy and high inflation are weighing on consumers.

They gained 1.5% or 465 points.

After the selloff, bargain-seeking investors were reintroduced to big tech. The market’s growth sectors including tech grew after it was clear that the sale had enticed them back.

Many question whether the recent rally in favor of tech stocks is short-term relief and will fade soon, or the start of an extended upward trend.

“I think most of the damage has been done in the stock market … but I wouldn’t expect a big snapback to recover all the recent losses,” Sean Bonner, Founder of Guild and a former U.S. Navy veteran, said in an interview with Investing.com on Friday, flagging the threat of further upward surprises in inflation, which could further impact consumers.

“Ukraine is often referred to as the ‘breadbasket of Europe’ …. If a big portion of that is taken offline, then there could be more inflationary pressures on food commodity stocks, which will affect U.S. PPI and CPI,” Bonner added.

According to Friday’s University of Michigan Consumer Sentiment Index, the economic indicators in May were at their lowest level since 2011, which was reported by the University of Michigan Consumer Sentiment Index.

Twitter (NYSE:), however, bucked the trend higher, falling more than 9%, after Elon Musk said he would put his takeover of the social media company “temporarily on hold,” citing concerns over fake accounts. However, Tesla’s chief executive (NASDAQ:), confirmed that he is committed to the private deal.

Parag Agrawal, CEO of Twitter, stated that he expects Musk will follow through with his purchase offer.

Supported by an increase of reopening stocks, consumer discretionary stock were also part of the market’s heavy lifting.

Las Vegas Sands Wynn Resorts and Norwegian Cruise Line were among the most successful in this sector.

As the conflict between lower demand and higher supplies in the Ukraine war rages, energy prices remained steady at an all-time high despite the fact that oil prices are rising, the price of energy continued to climb.

Also, Robinhood Markets (NASDAQ:) jumped nearly 25% after Sam Bankman Fried acquired a 7.6% interest in crypto trading platform FTX.