01:53 PM EDT, 10/04/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday while Treasury yields surged after official data showed the economy added more jobs than projected in September.

The Nasdaq Composite was up 0.9% at 18,079 after midday Friday, while the S&P 500 rose 0.6% to 5,733.3. The Dow Jones Industrial Average advanced 0.5% to 42,218.5. Among sectors, consumer discretionary and energy paced the gainers, while real estate saw the biggest drop.

In economic news, total nonfarm payrolls in the US climbed by 254,000 last month, the Bureau of Labor Statistics reported. The consensus was for a 150,000 increase, according to a survey compiled by Bloomberg. The unemployment rate declined to 4.1% from August's 4.2%, which was the market view for September.

Last month, the Federal Reserve cut its benchmark lending rate by 50 basis points to a range of 4.75% to 5%. The latest jobs report makes another 50-basis-point reduction unlikely, Oxford Economics said, adding that the Fed is seen delivering 25-basis-point cuts in each of November and December.

The odds that the central bank's Federal Open Market Committee will lower interest rates by 25 basis points next month surged to 97% Friday from 68% Thursday, while the probability of a 50-basis-point cut slid to zero from 32%, according to the CME FedWatch tool.

The US two-year yield soared 19.5 basis points to 3.91% intraday, while the 10-year rate jumped 11.7 basis points to 3.97%.

The International Longshoremen's Association union has ended its strike across the East and Gulf Coast ports after reaching a tentative agreement on wages with the United States Maritime Alliance. The parties agreed to extend their contract through Jan. 15.

West Texas Intermediate crude oil was up 2.2% at $75.33 a barrel intraday.

"Oil prices rose and were on track for significant weekly gains as investors weighed the potential for a wider Middle East conflict to disrupt crude flows against a well-supplied global market," D.A. Davidson said in a note to clients.

In company news, Rivian Automotive's ( RIVN ) third-quarter vehicle production and deliveries missed analyst estimates amid a supply shortage, prompting the electric vehicle maker to lower its full-year output guidance. The company's shares were down 4.7% intraday.

Norwegian Cruise Line ( NCLH ) shares were up 3.2% as Stifel adjusted its price target on the stock to $29 from $27 while maintaining its buy rating.

Homebuilders D.R. Horton ( DHI ) and Lennar ( LEN ) were among the steepest decliners on the S&P 500, down 3.5% and 3.3%, respectively.

Gold fell 0.4% to $2,667.60 per troy ounce, while silver dropped 0.1% to $32.42 per ounce.