12:52 PM EDT, 04/23/2024 (MT Newswires) -- US benchmark stock indexes rose as fresh figures showing multi-month lows in manufacturing and services indexes pushed government bond yields lower and quarterly earnings rolled in.

The S&P 500 climbed 1% to 5,059.8, with the Nasdaq Composite up 1.4% to 15,662.6 and the Dow Jones Industrial Average 0.6% higher at 38,457.1. Communication services, technology, and industrials paced the gainers, with all but one sector, materials, in the green intraday.

In economic news, the April flash reading of manufacturing conditions from S&P Global declined to a four-month low of 49.9 from 51.9 in March, compared with 52 expected in a survey compiled by Bloomberg. More importantly, the index for services conditions fell to a five-month low of 50.9 in April, compared with expectations for an increase to 52.

In company news, Globe Life ( GL ) was the top gainer on the S&P 500, trading up 14% intraday after the company raised its full-year 2024 net operating income guidance and said it plans to resume share buybacks following an acquisition-related blackout period.

The worst performer on the index was LKQ (LKQ), with shares slumping 14% intraday after the company's Q1 adjusted earnings fell more than the market consensus while growth in sales missed expectations.

Chinese research institutes and universities recently procured high-end Nvidia ( NVDA ) artificial intelligence chips embedded in server products made by Super Micro Computer ( SMCI ) , Dell Technologies ( DELL ) , and Taiwan's Gigabyte Technology after the US widened a ban on the sale of such technology to China, Reuters reported, citing a review it conducted of hundreds of tender documents. Shares of Super Micro jumped 6.7% intraday, the second-highest return on the S&P 500.

PepsiCo ( PEP ) reported better-than-expected fiscal first-quarter results aided by price increases even though product recalls weighed substantially on the beverage and snacks company's Quaker Foods business in North America. Shares dropped 2.4% intraday, the laggard on the Nasdaq.

West Texas Intermediate crude oil rose 1.2% to $82.85 a barrel.