Wall Street posted gains on Thursday; with technology stocks leading the way as investors ignored concerns over unfavorable economic growth numbers.

Meta Platforms Inc* led the sector, helping push the NASDAQ Composite index up 3%. Shares of the social media company surged 18% after it had more users than expected last quarter and beat low expectations.

The rally in technology came after a big drop earlier this year, when the S&P 500 technology sector was down 16% YTD. Investors may now see a buying opportunity, but the question remains as to how much an interest rate hike will affect this sector. Rate hikes tend to hurt growth stocks.

A negative U.S. GDP reading – it fell 1.4% in the first quarter versus an expected 1.1% increase – will be followed on Friday by personal income and spending data, which could give analysts a reason to forecast future growth. Spending has been strong in the face of rising inflation.

Ed Moya, senior market analyst at OANDA, said in a note that these numbers are skewed by the trade deficit. Exports have not kept pace with imports, suggesting the economy is still robust and inventory investment will pick up.

Investors are expecting two events next week: another monetary policy meeting of the US Federal Reserve and another meeting of the international oil producers’ cartel led by Saudi Arabia and Russia.

Oil prices are on the rise again, with WTI crude futures back above $105 a barrel; investors will also keep an eye on Capitol Hill, where lawmakers are discussing ways to lower gasoline prices.

Here are 3 events that could impact the market on Friday:

1. EXXON PRIVATE.

Crude oil is trading above the $100 mark and energy companies Exxon Mobil and Chevron Corp will report earnings on Friday.

Analysts polled by Investing.com believe Exxon Mobil will post earnings per share of $2.23 on revenue of $81.3 billion.

2. CHEVRON EARNINGS

Meanwhile, Chevron Corp is expected to report earnings of $3.43 per share on revenue of $50.65 billion.

3. INCOME AND EXPENSES

US personal spending and income data will be released at 08:30am ET (12:30pm GMT). Investing.com analysts expect personal income to come in at 0.4% in March, down from the previous reading of 0.5%.

However, personal spending in March is expected to come in at 0.7%, up from the previous reading of 0.2%.

Written by Sam Boughedda