* Indexes up: Dow 0.05%, S&P 0.74%, Nasdaq 1.32%

* US job growth beats expectations in April

* Cloudflare ( NET ) plunges as Q2 forecast disappoints

(Updates to afternoon trading)

By Sruthi Shankar and Utkarsh Hathi

May 8 (Reuters) - The S&P 500 and the Nasdaq

touchedfresh peaks on Friday, boosted by gains in Nvidia ( NVDA ) and

other technology stocks, while a stronger-than-expected jobs

report allayed concerns over the state of the labor market.

Tech heavyweights Nvidia ( NVDA ) and Apple ( AAPL ) rose

2.3% and 1.8%, respectively,while the Philadelphia SE

Semiconductor index recovered from Thursday's losses to

reach a new high on expectations of strong AI infrastructure

demand.

Data showed U.S. employment increased more than expected in

April and the unemployment rate held steady at 4.3% - pointing

to labor market resilience and reinforcing expectations that the

Federal Reserve would leave interest rates unchanged for some

time.

"It was encouraging that hiring broadened across sectors, a

sign of improving labor market breadth," said Angelo Kourkafas,

senior strategist at Edward Jones.

"The Fed will remain firmly on hold as the focus now is

going to be on the energy-driven inflation pressures in the

months ahead."

Traders continued to bet that the central bank will hold

interest rates steady in the 3.50% to 3.75% range until the end

of the year.

At 11:44 a.m. the Dow Jones Industrial Average

rose 24.36 points, or 0.05%, to 49,621.33, the S&P 500

gained 53.99 points, or 0.74%, to 7,391.10, and the Nasdaq

Composite was up 340.22 points, or 1.32%, to 26,144.57.

The S&P 500 and the Nasdaq were on track for a sixth

straight week of gains, in what could be the longest such

winning streak since October 2024. The Dow was set for a second

consecutive week of advances.

The overall optimism helped investors look past fresh

attacks between U.S. and Iranian forces in the Gulf.

Brent crude rose above $100 a barrel as hopes faded

for a quick resolution to the Middle East conflict and the

gradual reopening of the Strait of Hormuz, a key transit route

for oil and liquefied natural gas.

The U.S. said it expected a response from Tehran to its

latest proposal later on Friday.

STRONG EARNINGS

Despite concerns that oil prices were fueling inflation, the

S&P 500 and the Nasdaq have hit record highs, helped by a strong

earnings season, signs of a resilient economy and optimism

around artificial intelligence.

"There's a huge secular movement at play within the tech

sector, and specifically microchips," said Charlie Ripley,

senior investment strategist for Allianz Investment Management.

"While there is some concentration, it's reflective of

what's happening in the real economy with the AI buildout and

the expansion."

Of the 440 S&P 500 companies that have reported

first-quarter results so far, 83% have topped analysts' earnings

estimates, according to data compiled by LSEG. That compares

with a long-term average of about 67%.

However, there were some earnings disappointments on the

day.

Cloudflare ( NET ) shares plunged 24.4% after the cloud

services company said it would cut about 20% of its workforce

and forecast second-quarter revenue slightly below Wall Street

expectations.

Trade Desk ( TTD ) fell 6.2% after the ad-tech firm forecast

second-quarter revenue below Wall Street estimates.

CoreWeave ( CRWV ) dropped 13% after the cloud

infrastructure technology company raised the lower end of its

annual capital expenditure forecast, citing a rise in component

costs.

Online travel platform Expedia ( EXPE ) slipped 6.8% after

it flagged the conflict in the Middle East was weighing on

demand.

Advancing issues outnumbered decliners by a 1.67-to-1 ratio

on the NYSE and by a 1.17-to-1 ratio on the Nasdaq.

The S&P 500 posted 25 new 52-week highs and 19 new lows,

while the Nasdaq Composite recorded 100 new highs and 90 new

lows.