-- The S&P 500 surged Friday as Apple led a surge in tech just as data showed jobs gains fell short of expectations in April, lifting hopes that the Federal Reserve could begin cutting interest rates sooner rather than later. 

At 16:00 ET (20:00 GMT), rose 450 points, or 1.2%, rose 1.3%, and climbed 2%. 

Treasury yields slide after nonfarm payrolls shows slowing jobs growth

Treasury yields slipped on renewed hopes for rate cuts this year, after the data showed the U.S. economy added jobs at a slower rate in April, with only 175,000 jobs added last month, compared with a revised 315,000 in March.

The yield on the 10-year Treasury fell 6 basis points to 4.511%.

the 27th consecutive month that the jobless rate has been below 4%. C

"The data shows a labor market coming into better balance and we continue to expect three cuts this year," Morgan Stanley said in a Friday note. 

Apple leads tech higher on earnings, buyback 

Apple (NASDAQ:) jumped 6%, leading the broader tech sector higher after Q2 results topped estimates and the iPhone maker unveiled a $110B stock buyback program as well as dividend hike.    

iPhone sales fell just shy of analyst expectations, but the results were better than feared, particularly in China, in which slowing growth has been a key worry for investors.  

Apple is expected to see the return of “renaissance of growth” as iPhone demand in China as well as services revenue are slowly starting to show signs of a turnaround, Wedbush Securities said in a Friday report. The tech giant’s move into AI, Wedbush adds, could drive the next supercycle. 

Block slips despite Q1 beat; Amgen confident over weight-loss drug

Block (NYSE:) fell more than 1% even as the payments firm posted first-quarter earnings that topped estimates, driven by boost in .

Amgen (NASDAQ:) stock surged nearly 12% after the biotechnology firm expressed confidence after completing an interim analysis of its mid-stage study of experimental weight-loss drug MariTide.

Cybersecurity firm Cloudflare (NYSE:) slid 16% after weak guidance overshadowed strong quarterly earnings.

Crypto stocks mostly higher on Bitcoin rally, but Coinbase falters