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Indexes up: Dow 1.10%, S&P 500 1.07%, Nasdaq 0.92%

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April nonfarm payrolls beat estimates

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Apple ( AAPL ) slips as tariff costs weigh

(Updates after markets open)

By Sruthi Shankar and Purvi Agarwal

May 2 (Reuters) - Wall Street's main indexes advanced on

Friday, as signs of a de-escalation in the trade war with China

and a strong jobs report calmed concerns around the economic

toll of tariffs.

Beijing said on Friday it was "evaluating" an offer from

Washington to hold talks over U.S. President Donald Trump's 145%

tariffs on China.

The tit-for-tat tariffs between the world's two largest

economies have kept investors on edge, with both sides unwilling

to be seen backing down in a trade war that has roiled global

markets.

Further aiding the mood on Friday, data showed nonfarm

payrolls increased more than expected in April, with the

unemployment rate steady at 4.2%.

"This is good employment data which suggests that the

economy remains strong," said Melissa Brown, managing director

of investment decision research at Simcorp.

"We could see these numbers go down as the impact of tariffs

really starts to make its way through the economy, but it's not

there yet."

At 09:44 a.m. ET, the Dow Jones Industrial Average

rose 450.30 points, or 1.10%, to 41,203.26, the S&P 500

gained 59.98 points, or 1.07%, to 5,664.12 and the Nasdaq

Composite gained 162.22 points, or 0.92%, to 17,873.64.

All indexes were set for weekly gains.

Most chip stocks jumped, sending the broader index up

3%. Megacaps also gained, barring Apple ( AAPL ) and Amazon.com ( AMZN )

Limiting gains on the information technology sector

,

Apple ( AAPL ) slipped 4.6% after the iPhone maker trimmed its share

buyback program by $10 billion and CEO Tim Cook told analysts

that tariffs could add about $900 million in costs this quarter.

"Apple ( AAPL ) claimed the sort of earnings beat that was never

likely to win much favor... at a time when its products business

is fraught with uncertainty, it's not great that growth on the

services side has disappointed," said AJ Bell investment

director Russ Mould.

Amazon.com ( AMZN ) was down marginally after it forecast

second-quarter operating income below estimates.

Trump's reversal of some tariffs has helped U.S. stock

indexes recover from recent losses. The tech-heavy Nasdaq

was trading at levels last seen before April 2, dubbed

"Liberation Day", when the president unveiled massive global

tariffs.

Despite signs of reprieve on the trade front, the erratic

changes in U.S. tariff policies have forced some companies to

warn of business impacts or pull earnings forecasts amid worries

of higher costs and a hit to economic growth.

Oil giant Chevron ( CVX ) was up marginally, while Exxon

Mobil ( XOM ) slipped after its results.

Block slumped more than 22% after cutting its profit

forecast for 2025 and missing estimates for quarterly earnings.

Airbnb ( ABNB ) dipped 2.2% after the vacation rental

platform forecast second-quarter revenue largely below Wall

Street estimates and signaled softening demand in the U.S.

Videogame maker Take-Two Interactive fell 7.3%

after it delayed the release of "Grand Theft Auto VI" to May

2026.

Advancing issues outnumbered decliners by a 5.73-to-1

ratio on the NYSE and by a 3.78-to-1 ratio on the Nasdaq.

The S&P 500 posted 7 new 52-week highs and 3 new lows while

the Nasdaq Composite recorded 28 new highs and 15 new lows.

(Reporting by Sruthi Shankar and Purvi Agarwal in Bengaluru;

Editing by Devika Syamnath)