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Tech stocks led Wall Street to a second consecutive week of gains as a series of data releases reignited optimism about a September interest rate cut from the US Federal Reserve.

A strong consumer price index report was the catalyst, renewing anticipation that the Fed will lower rates when it meets next month. While Thursday's (August 14) less optimistic producer price index report caused a momentary pause, the tech sector's resilience — or defiance — mitigated losses and kept momentum alive.

Here's a look at the key moments that shaped the tech sector this week.

This week saw tech stocks push the Nasdaq Composite (INDEXNASDAQ:.IXIC) to its best week since June.

However, on Monday (August 4), multiple news outlets reported that various Wall Street firms were warning of a near-term drop in the S&P 500 (INDEXSP:.INX) after its strong rally. In a note to clients, Mike Wilson of Morgan Stanley (NYSE:MS) forecasts that tariffs, which went into effect this week, will lead to a 10 percent correction.

“Over the last couple of weeks, we have noted that investors should expect a modest pullback in the third quarter,” Wilson wrote. Julian Emanuel of Evercore (NYSE:EVR) anticipates a 15 percent drop. Additionally, Parag Thatte's team at Deutsche Bank (NYSE:DB) points to an overdue drawdown following three months of equity expansion.