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The S & P 500 and Nasdaq Composite are headed for fresh weekly gains, but they haven’t come without their fair share of volatility. Both major indexes rallied earlier in the week after Federal Reserve’s latest interest rate announcement sparked hope that the central bank would soon loosen up on its fight against inflation. However, they gave back a chunk of those gains Friday, after a stunningly strong jobs market report worried investors the Fed would keep hiking rates. Disappointing earnings reports from several major technology companies also weighed on the market. Still, the S & P 500 was up more than 1% for the week as of early afternoon ET. That would be its fourth weekly gain in five weeks. The Nasdaq was up 3.6%, on pace for a five-week winning streak. Technology-related stocks are leading this week’s gains. The S & P 500 tech sector is up 4% week to date, while the communications services sector has rallied 6%. Alphabet is up 6% this week despite posting lighter-than-expected fourth-quarter results. Amazon is also headed for a weekly gain even after falling 7% on Friday. Take a look at some of the biggest gainers this week, and where analysts see them going forward. Meta was one of the notable high-performing tech stock this week, jumping 27.5% after posting its earnings results. Investor sentiment was buoyed by the company’s fourth-quarter revenue, which exceeded analysts’ expectations. CEO Mark Zuckerberg’s commitment to cost cuts and efficiency also excited investors and prompted several analysts to upgrade the stock to a buy . More than 58% of analysts covering the stock have a buy rating on it, though they don’t see much more upside for the Facebook and Instagram parent. Another tech stock that saw solid gains this week was AMD , which rose 16% for the week. In addition to beating analysts’ estimates for earnings and revenue, the semiconductor manufacturer’s results were much more positive than its competitors’ recent earnings, most notably Intel . Nearly two-thirds of analysts covering AMD rate it a buy, FactSet data shows. Orthodontics company Align also outperformed this week, popping more than 27%. The company also announced its quarterly results this week, with earnings and revenues coming above what Refinitiv analysts had anticipated. Align also announced its plan to repurchase up to $1 billion of its common stock over the next three years. The stock has buy ratings from nearly 60% of analysts covering it. However, the average analyst price target implies downside about 8%. Norwegian Cruise Line and FedEx also outperformed gaining 13.2% and 12.1%, respectively, as of Friday morning. Pentair was another top performer, adding 15.7%.
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