By Yasin Ebrahim

Investing.com — The S&P 500 surged Friday, as tech stocks staged a strong rebound from their recent rout as dip-buying appetite returned despite further evidence that inflation is hurting the consumer.

They rose 1.6% while the gained 0.7% (or 217 points) and 2.9% respectively.

The recent market selloff seemed to have enticed bargain-seeking investor back into tech. Tech boomed in the growth sectors, including tech.

Many question whether the recent rally in favor of tech stocks is short-term relief and will fade soon, or the beginning of a longer-term move towards the upside.

“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.

The University of Michigan Consumer Sentiment Index revealed Friday that the reading for the economy in May was the lowest since 2011.

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. Tesla (NASDAQ)’s chief executive however confirmed his commitment to the deal.

Supported by a rise in reopening stocks, consumer discretionary stock were also part of the market’s heavy lifting. 

Las Vegas Sands Wynn Resorts, (NASDAQ:), Norwegian Cruise Line (NYSE) and Wynn Resorts were the biggest gainers of the sector.

Energy continued to rise despite rising fears about Russia cutting gas supplies in Europe as a retaliation for the decisions of Finland and Sweden in seeking NATO membership

Also, Robinhood Markets (NASDAQ:) surged 23%  after Sam Bankman-Fried, the chief executive of crypto exchange FTX, acquired a 7.6% stake in the trading platform.