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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 1.26%, S&P 1.15%, Nasdaq 1.92%

(Updated at 10:02 a.m. ET/1402 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 ) on upbeat corporate updates added

support.

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, while the unemployment rate stood at 3.9%

compared with expectations that it would remain steady at 3.8%.

"The data is soft across the board from the Fed's

perspective, which is what really matters and an unemployment

rate of 3.9% is not something disastrous," said Jason Pride,

chief of investment strategy and research at Glenmede.

"This indicates an economy that is not declining

dramatically, but it definitely indicates a looser labor

market."

Traders added to bets that the Fed will deliver its first

interest rate cut this year in September.

Yields across government bonds fell after the data, with the

yield on the 10-year note last at 4.5036%.

The CBOE Volatility index, also known as Wall

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

The latest economic data follows the Fed's more

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

meeting, which caused U.S. stocks to rally on Thursday.

Separately on Friday, the U.S. services sector contracted in

March, while a measure of prices paid by businesses for inputs

jumped, a worrisome sign for the outlook on inflation.

Apple ( AAPL ) jumped 6%, outpacing other megacap stocks

after the iPhone maker unveiled a record $110 billion share

buyback program and beat modest expectations for quarterly

results and forecast.

Amgen ( AMGN ) climbed 12.1% as the biotechnology firm said

it was very encouraged after completing an interim analysis of

its mid-stage study of experimental weight-loss drug MariTide

and as it reported first-quarter earnings.

At 10:02 a.m. ET, the Dow Jones Industrial Average

rose 481.28 points, or 1.26%, to 38,706.94, the S&P 500

gained 58.48 points, or 1.15%, to 5,122.30, and the Nasdaq

Composite gained 303.94 points, or 1.92%, to 16,144.89.

Nine of the 11 major S&P 500 sectors were trading higher,

with information technology and real estate

stocks among the top gainers.

Block rose 5.4% after the Jack Dorsey-led payments

fintech firm lifted its full-year adjusted core earnings

forecast and revealed plans to add more bitcoins to its balance

sheet.

Expedia ( EXPE ) fell 13% 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 for a 5.7-to-1 ratio

on the NYSE and a 3.52-to-1 ratio on the Nasdaq.

The S&P 500 posted 17 new 52-week highs and one new low,

while the Nasdaq recorded 86 new highs and 24 new lows.