12:35 PM EDT, 07/05/2024 (MT Newswires) -- The Nasdaq and S&P 500 rose, and government bond yields dropped in midday trading on Friday as investors digested the June jobs report.

The Nasdaq advanced 0.8% to 18,337.73, and the S&P 500 gained 0.3% to 5,555.2. The Dow Jones Industrial Average eased 0.1% to 39,265.5. Communication services led the gainers among sectors, while energy posted the biggest decline.

The US 10-year Treasury yield slid 6.9 basis points to 4.286%. The two-year yield dropped 10.7 points to 4.62%.

In economic news, the June employment report showed nonfarm payrolls rose by 206,000, well above the 190,000 increase expected in a survey compiled by Bloomberg as of 7:40 am ET. The unemployment rate increased to 4.1% in June from 4% in May, faster than a 4% rate expected.

In company news, Nvidia ( NVDA ) faces a "huge bottleneck" in its artificial intelligence chips, and regulators are still deciding on any potential actions, Bloomberg reported Friday, citing Margrethe Vestager, the European Union commissioner for competition. Nvidia ( NVDA ) shares eased 0.1%.

The parent company of Saks Fifth Avenue will acquire Neiman Marcus Group in a $2.65 billion deal, while Amazon.com ( AMZN ) and Salesforce ( CRM ) will invest in a new operation formed by the combination, the luxury retailers said Thursday.

The US Dollar Index fell 0.2% to 104.95.

West Texas Intermediate crude rose 0.4% to $84.25 a barrel.

Gold gained 1% to $2,392.80 an ounce and silver rose 2.8% to $31.69 an ounce.