The Nasdaq Composite Index avoids its first five-week losing streak since 2012 due to tech's strong performance on Friday.

• The Nasdaq's intense surge on Friday following Apple's earnings report resulted in a weekly gain.
• Since November 2012, the tech-heavy index had not experienced a losing streak of five consecutive weekly drops.
• With only one trading day remaining in January, the Nasdaq is still on track to have its worst month since 2008.

Microsoft, Intel, and Tesla all exceeded earnings estimates and provided better-than-expected forecasts. Subscription software vendors, including Zoom and Shopify, also posted decisive beats, while Atlassian also topped expectations across the board.

Despite barely enough gains to prevent a five-week losing streak, the Nasdaq rose 0.01% over the past five days after Friday's Apple-fueled rally.

The upcoming tech earnings season is expected to be crucial, as investors grapple with the highest inflation in 40 years and the possibility of rate hikes from the Federal Reserve. Cloud software, e-commerce, trading apps, and chip stocks have been hit hard during a shift away from the bull market's top performers and towards safer sectors such as energy and financials.

Apple has reported that revenue in the latest quarter increased by 11% from the previous year, and earnings per share of $2.10 exceeded the average analyst estimate of $1.89, demonstrating the company's ability to grow while managing costs.

Although there are component shortages, Apple's product ecosystem is showing strong growth across its entire lineup, according to analysts at Canaccord Genuity. They kept their buy rating on the stock after the company's announcement.

On Friday, Apple, the most valuable U.S. company, experienced a 7% increase in stock value, which helped the Nasdaq rise by 3%. Despite this, the Nasdaq has still declined by 12% in January and is on track to end the month with its worst performance since 2008.

Next week, the remaining mega-cap tech group and other significant tech vendors will release their quarterly results, drawing attention from all quarters.

On Tuesday, chipmakers kick things off, followed by on Wednesday and on Thursday. They're each down between 8% and 27% to start the year. Next week, they'll report their performance.

Alphabet is predicted to experience another quarter of substantial growth, close to 27%, due to Google and YouTube ads. However, analysts expect a significant decrease in growth this year, to the teens.

Investors can gain insight into the trajectory of online ads and the impact on big spenders by analyzing Google's commentary on Tuesday and Meta's Facebook numbers the next day. Meta is predicted to have revenue growth of approximately 19% in the fourth quarter, which is its slowest expansion rate since mid-2020. Analysts anticipate that annual growth for 2022 will be reduced to about 19% from the previous year's level.

Despite facing challenges such as pandemic shutdowns, regulatory pressure, and Apple's iOS privacy changes, Google and Facebook have maintained their dominance over web audiences. As a result, even when marketers reduce their spending, they continue to invest in strategies that enable them to reach the largest number of consumers online and on mobile devices.

Last week, Meta's "most significant near-term risks" are from regulatory probes and negative media coverage, according to Argus Research in an earnings preview.

The stock has a buy recommendation from the firm with a $410 price target, which is a 36% increase from Friday's price.

Since much of its revenue comes from direct-response advertising by e-commerce sites and due to the secular trend of advertisers moving to digital from other channels, Meta may be better positioned to weather the storm.

On Thursday, Amazon will release its results for the critical holiday period, with analysts predicting a growth of nearly 10% in the fourth quarter compared to the previous year. Despite any concerns about consumer spending, Amazon's dominance in the e-commerce market has convinced investors that they will continue to rely on the company for their fast and affordable deliveries, similar to Facebook and Google.

In 2022, it is predicted that Amazon's growth will be approximately 17%, which is a slight decrease from the 22% growth seen in the previous year.

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