Technology and Communication Services companies lifted stocks to close out the week as the tech-heavy NASDAQ 100 Index rose almost 3% on Friday and 0.7% for the week. The S&P 500 and Dow Jones Industrial Average were both lower for the week but gained on Friday on the strength of the Energy and Tech sectors. Earnings season has just begun and leading the way on Friday was oilfield servicer Schlumberger with its quarterly print coming in above analyst expectations. The company reported a seven-year high in international revenue which could provide a boost for comparable Energy companies. Next week, 89 S&P 500 components are set to release quarterly results. Alphabet Inc, the parent company of Google, traded higher by almost 7% on Friday after news of job cuts to control costs stemming from leveling off of demand from advertisers and cloud services. Labor reduction is a trend in the technology sector after Meta, the parent company of Facebook, and Microsoft have also announced layoffs bringing the total tech cutback to over 200,000 jobs. More news coming from various Fed officials points to slower hikes as inflation could cool faster than expected. Patrick Harker, the President of the Philadelphia Federal Reserve, said he expects the central bank to “raise rates a few more times this year” and “hikes of 25 basis points will be appropriate going forward”. Looking ahead to next week, data on home sales, consumer sentiment, and jobs are all set for release along with more corporate earnings reports.