S&P Rises on Tech Gains

The S&P 500 was marginally higher Friday as gains from fresh tech earnings were counterbalanced by a spike in Treasury yields spurred by strong economic data.

The Dow Jones Industrials docked 100.03 points to 38,419.81.

The S&P 500 index moved higher 17.09 points to 4,923.28.

The NASDAQ index climbed 116.01 points to 15,477.65.

Shares of Meta popped 17% after the social-media giant defied analysts’ expectations. The Facebook-parent also announced it will pay a quarterly dividend for the first time, and it authorized a $50-billion share buyback program. Amazon shares jumped 7% on fourth-quarter beats. However, Apple slid 2% after the company posted a decline in sales in China during the fiscal first quarter.

The moves follow a rebound session on Wall Street. The major averages gained around 1% each, a day after selling off on the back of the Federal Reserve signaling that a March rate cut was unlikely.

The report also included inflationary data in the form of greater-than-expected wage growth. Wages expanded by 4.5% year over year, more than a 4.1% forecast. This comes after Fed Chair Jerome Powell signaled this week that a March rate cut was unlikely.

Prices for the 10-year Treasury faded, hiking yields to 4.03% from Thursday’s 3.88%. Treasury prices and yields move in opposite directions.

Oil prices lost $1.19 to $72.63 U.S. a barrel.

Gold prices handed back $24.00 to $2,047.10.