12:25 PM EST, 01/31/2025 (MT Newswires) -- US equity indexes rose around midday Friday as the Federal Reserve's preferred inflation measure met expectations, while investors received Apple ( AAPL ) earnings positively, amid speculations President Donald Trump's tariffs, if announced on Saturday, may not include oil imports.

The Nasdaq Composite rose by 1.1% to 19,905.2, with the S&P 500 up 0.7% to 6,112.5 and the Dow Jones Industrial Average 0.1% higher at 44,902.7. Communications, technology, and consumer discretionary led the gainers intraday, while energy was the steepest decliner.

All three indexes traded close to their all-time highs following quarterly earnings from some of the biggest companies in the US, including Apple ( AAPL ) , which reported overnight higher fiscal Q1 earnings and net sales.

Heading into Apple's ( AAPL ) earnings, many of the long-time bears and haters on Cupertino were painting a demand picture that was dire for iPhone 16 and the overall Apple ( AAPL ) story, Wedbush Securities said in a note on Friday. "Overall, this was a clean quarter for Apple ( AAPL )."

Trump said he plans to announce 25% tariffs on Canada and Mexico on Saturday, but has not decided whether oil imports from the neighboring countries should be slapped with taxes, according to media reports. "We may or may not," The Columbian cited Trump as saying on Thursday.

In economic news Friday, the US Bureau of Economic Analysis data showed Friday that the personal consumption expenditures price index grew 0.3% in December, as expected in a survey compiled by Bloomberg, following a 0.1% increase in the previous month. The year-over-year core PCE advanced to 2.6% from 2.4%, also as anticipated. Core PCE price index climbed 0.2%, as forecast in a separate Bloomberg poll, following a 0.1% gain in November. The annual rate remained at 2.8%, meeting expectations.

Gold futures rose 0.4% to $2,856.01 an ounce, after touching a new record high of 2,840.70 earlier in the session.

US Treasury yields traded mixed intraday, with the benchmark 10-year steady at 4.51% and the two-year little changed at 4.2%.

West Texas Intermediate crude oil futures fell 0.2% to $72.59 a barrel.