Tech stocks saw a rebound in trading last week, as a lighter-than-expected inflation reading spurred hopes that the U.S. Federal Reserve would soon temper its aggressive pace of monetary policy tightening. The deceleration in consumer price growth was a boon to the embattled sector, which had been reeling from earnings disappointments and layoffs from the likes of Twitter, Meta Platforms , ridesharing company Lyft and privately held fintech firm Stripe. The tech-heavy Nasdaq Composite led the rebound in stocks last week as it rose 8.1% to notch its biggest weekly gain since March, beating other major indexes such as the Dow Jones Industrial Average and the S & P 500 . Unsurprisingly, tech stocks were among the top global individual stock performers last week. Of the 25 stocks on the MSCI World Index that saw gains of more than 20%, seven were from the tech sector. Leading the pack was California-based cloud communications firm RingCentral , whose stock price rose 34.9% last week. Despite delivering third quarter earnings that “exceeded guidance across every key metric,” the company announced on Thursday it has cut its workforce by 10%, joining a litany of tech firms that implemented similar measures in recent weeks. Of analysts covering the stock, 70% have a “buy” rating on it, giving the stock an average potential upside of 33%, according to FactSet data. Israeli solar technology firm SolarEdge Technologies was another top performer last week. The Nasdaq-listed firm gained 31.9% last week, after the firm reported record revenue that beat market expectations, while management also guided for continued growth in the fourth quarter. The stock is rated “buy” by 64% of analysts covering it, who collectively give it potential upside of 16.6%. Shares in cloud communications software maker Twilio jumped 29.3% last week, arresting a slump of more than 30% in its share price that began after the company announced third quarter results that gave a soft revenue outlook . With the rebound, the stock now has an average potential upside of 46.7%, with nearly 60% of analysts giving it a buy rating. Other tech stocks that saw big jumps last week include cloud data platform provider Snowflake , semiconductor company Applied Materials and database platform provider MongoDB .
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