Tech stocks just finished a five-week rally — the longest stretch since market peak in Nov. 2021

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Cost cuts have replaced growth on Wall Street's checklist, and tech executives are being celebrated for efficiency over innovation.

"Given this last quarter was the end of my first full year in this role and given some of the unusual parts in the economy and our business, I thought this might be a good one to join," Jassy said on the call.

Managing expenses has become a big theme for Amazon, which expanded rapidly during the pandemic and subsequently admitted that it hired too many people during that period.Alphabet is also in downsizing mode. The companythat it's slashing 12,000 jobs. Its revenue miss for the fourth quarter included disappointing sales at YouTube from a pullback in ad spending and weakness in the cloud division as businesses tighten their belts.

Ruth Porat, Alphabet's finance chief, told CNBC's Deirdre Bosa that the company is meaningfully slowing the pace of hiring in an effort to deliver long-term profitable growth. Alphabet shares ended the week up 5.4% even after giving up some of its gains during Friday's selloff. The stock is now up 19% for the year.Should the Nasdaq continue its upward trend and notch a sixth week of gains, it would match the longest rally since a stretch that ended in January 2020, just before the Covid pandemic hit the U.S.

Investors will now turn to earnings reports from smaller companies. Some of the names they'll hear from next week include

 

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