Wall Street rose and bond yields fell on Friday after July jobs data showed a slowing in the U.S. labor market with wage gains, while Amazon’s stellar earnings countered Apple’s tepid sales forecast.

Nonfarm payrolls increased by 187,000 jobs last month, Labor Department data showed. Data for June additions was revised lower to 185,000 jobs, from 209,000 reported previously.

Average hourly earnings grew 0.4% in July, unchanged from the previous month, but a tad higher than expectations, taking the year-on-year increase in wages to 4.4%.

The yield on the 10-year benchmark note dipped on Friday after the jobs data, but still remained above 4%, partly boosting some megacap stocks.

“At this point in some ways the jobs data doesn’t do much to the Fed. The drama is now pivoting from the Fed to the Treasury,” said David Russell, vice president of market intelligence at TradeStation.

“The bigger issue is that the market is waking up to the fact that U.S. Treasury needs to issue a large amount of debt in the coming months and there could be upside pressure on the long end of the curve.”

Giving solid boost to the S&P 500 index, Amazon.com shares surged 10.9% after the company issued an upbeat third-quarter outlook. Apple’s shares shed 3.1% as the iPhone maker forecast a continued slide in sales.

Shares of peers Microsoft, Alphabet and Snowflake rose between 1.3% and 4.6% after Amazon’s cloud business segment beat sales estimates.

At 11:30 a.m. ET, the Dow Jones Industrial Average was up 185.08 points, or 0.53%, at 35,400.97, the S&P 500 was up 25.47 points, or 0.57%, at 4,527.36, and the Nasdaq Composite was up 106.81 points, or 0.77%, at 14,066.53.

All three major indexes were on course to end the week lower, with the tech-heavy Nasdaq leading losses.

Stocks closed marginally lower on Thursday, weighed down by the last batch of economic data and some disappointing earnings.

Of the 422 companies in the S&P 500 that have reported quarterly earnings as of Friday, 79.1% have beat analysts’ estimates, according to Refinitiv data.

Carl Icahn-owned investment firm Icahn Enterprises shed 24.8% after the company halved its quarterly payout, months after short-seller Hindenburg Research accused it of operating a “Ponzi-like” structure to pay dividends.

Fortinet dropped 23.8% after the cybersecurity firm cut its annual revenue forecast as spending from enterprise clients remained tight amid a turbulent economy.

Shares of Tupperware, known for its plastic airtight storage containers and bowls, rallied 41.8% after the company finalized an agreement with its lenders to restructure its debt obligations in an effort to turn around the business.

Amgen gained 6.2% after it reported a higher quarterly profit on strong sales of its cholesterol, osteoporosis and other drugs.

DraftKings’ shares surged 5.7% after the sports-betting firm raised its fiscal year 2023 revenue outlook.

Advancing issues outnumbered decliners by a 2.97-to-1 ratio on the NYSE and by a 1.62-to-1 ratio on the Nasdaq.

The S&P index recorded 17 new 52-week highs and 5 new lows, while the Nasdaq recorded 42 new highs and 55 new lows.


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