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U.S. job growth slows in April

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Apple ( AAPL ) jumps after announcing record share buyback

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Expedia ( EXPE ) slides after trimming FY revenue growth forecast

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Indexes up: Dow 1.13%, S&P 1.10%, Nasdaq 1.90%

(Updated at 11:41 a.m. ET/ 1541 GMT)

By Shristi Achar A and Shashwat Chauhan

May 3 (Reuters) - Wall Street's main indexes advanced on

Friday after a softer-than-expected jobs report revived hopes of

the Federal Reserve cutting interest rates this year, while

gains in Apple ( AAPL ) and Amgen ( AMGN ) also helped.

U.S. job growth slowed more than expected in April and the

increase in annual wages fell below 4% for the first time in

nearly three years. The unemployment rate came in higher than

estimated.

That prompted traders to boost

bets that the Fed will deliver its first interest rate cut

this year in September.

"Worries about wage pressures have dragged on the market

recently and today's number relieves some of those fears," said

David Russell, global head of market strategy at TradeStation.

"The first quarter had several difficult numbers on the

inflation front but the second quarter might be starting on a

cooler footing. The case for rate cuts got a little stronger

today."

All three major Wall Street indexes were headed for weekly

gains.

Yields across government bonds fell after the data, with the

yield on the 10-year note last at 4.509%.

The CBOE Volatility index, also known as Wall

Street's "fear gauge", touched its lowest level in a month.

The latest economic data followed the Fed's more

dovish-than-expected interest rate guidance in its latest policy

meeting.

Separately on Friday, data showed the U.S. services sector

contracted in March, while a measure of prices paid by

businesses for inputs jumped.

Market participants also parsed commentary from

policymakers. Fed Governor Michelle Bowman said inflation should

continue to decline even as the Fed holds rates steady at

current levels, while reiterating her willingness to raise the

policy rate if progress peters out or reverses.

Among the biggest stock moves for the day, Apple ( AAPL )

jumped 6.7%, outpacing other megacap stocks after the iPhone

maker unveiled a record $110 billion share buyback program and

beat modest expectations for quarterly results and forecasts.

Information technology led sectoral gains, up 3%.

Amgen ( AMGN ) climbed 13.1% as the biotechnology firm

hinted at encouraging data from a mid-stage study of its

experimental weight-loss drug MariTide.

At 11:41 a.m. ET, the Dow Jones Industrial Average

rose 430.99 points, or 1.13%, to 38,656.65, the S&P 500

gained 56.02 points, or 1.10%, to 5,120.02 and the Nasdaq

Composite gained 301.44 points, or 1.90%, to 16,142.27.

Expedia ( EXPE ) fell 14.1% after the online travel agency

cut its full-year revenue growth forecast as gross bookings were

hit by a drag in its vacation rental platform.

Of the 397 companies in the S&P 500 that have reported

earnings to date in the first quarter, 76.8% beat analysts'

expectations, compared with the historical average of 67%,

according to LSEG data.

Advancing issues outnumbered decliners by a 3.35-to-1 ratio

on the NYSE and a 2.13-to-1 ratio on the Nasdaq.

The S&P 500 posted 18 new 52-week highs and one new low,

while the Nasdaq recorded 106 new highs and 44 new lows.