Energy and tech stocks continued rallying in Friday's session, and cryptocurrency slipping away.

The S&P 500 continued to remain on course for its best week since June in Friday’s trading session. Thriving on rallying tech and energy stocks with the hopes of a less hawkish Fed following the inflation data released on Thursday.

The Dow Jones rose 0.2%, the Nasdaq was up 2.1% and the S&P 500 gained 1.1%.

Energy stocks rose more than 3%, boosted by rising oil prices as China lowered some of its Covid restrictions.

Phillips 66, Energy Corporation and Occidental Petroleum led the sector upwards, up more than 4%

Tech stacked more gains for a second consecutive day as enthusiasm that inflation has peaked encouraged further bets on less hawkish Fed rate hikes. Meta and Alphabet grew 2% to lead big tech higher, meanwhile, Microsoft and Apple rose 1%.

However, some people have persisted in issuing warnings against going all-in on technology and have emphasised the necessity to prioritise businesses with strong fundamentals and the ability to pass on greater costs to customers.

“Companies that are growing their cash flows and have not been hurt as bad from inflation are going to perform better than those that were the darlings of the 2021 period that just went straight up,” said Wealth Consulting Group Chief Investment Officer Jim Worden.

Consumer-related equities were also on the rise, with Ralph Lauren driving up retail stocks and reports of loosening Covid-19 regulations in China boosting shares of casinos and travel companies.

Ralph Lauren increased by more than 8% after the designer clothing manufacturer disclosed fiscal second-quarter earnings that beat expectations, driven by "strong" growth in North America, according to Wedbush, which raised its price target to $100 from $95.

Amazon played a significant part in driving up consumer stocks amid rumours that the world's largest retailer is considering cost-cutting measures, which may include closing down unprofitable divisions.

However, the healthcare sector restrained the market's overall growth as investors appeared to leave its protective areas. Humana Inc, Elevance Health Inc and Cigna were the worst performers, with the latter down more than 6%.

In recent cryptocurrency news, Sam Bankman-Fried, the CEO of crypto exchange FTX, resigned and the company revealed that it will file for bankruptcy. 3% of Bitcoin and more than 1% of Ethereum plummeted.

(Sources: investing.com, reuters.com)