01:38 PM EDT, 04/23/2024 (MT Newswires) -- US equity indexes rose after fresh figures showing multi-month lows in manufacturing and services indexes pushed government bond yields lower while quarterly earnings rolled in.

The S&P 500 climbed 1.1% to 5,068.3, with the Nasdaq Composite up 1.5% to 15,685.7 and the Dow Jones Industrial Average 0.7% higher at 38,513.6. 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.

The Richmond Fed's monthly manufacturing index improved to minus 7 in April from minus 11 in March, compared with expectations for minus 8 in a survey compiled by Bloomberg. The index still indicates contraction in the sector, which is in line with the Empire State and S&P Global indexes.

The US 10-year Treasury yield dropped 4.1 basis points to 4.58%, and the two-year rate slumped 5.1 basis points to 4.92%.

In company news, Globe Life ( GL ) was the top gainer on the S&P 500, trading up 15% 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 nearly 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 4.6% intraday, among the top gainers 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% intraday, the laggard on the Nasdaq.

Meta Platforms (META), Microsoft (MSFT), and Alphabet (GOOG, GOOGL), part of the so-called Magnificent Seven group, will be reporting quarterly results this week. Tesla (TSLA), also a member of the coveted group, will kick off after the bell Tuesday. Heavy scrutiny will be paid to the earnings of the seven mega-caps given that they account for almost 30% of the S&P 500 index, D. A. Davidson said in a note.

The Magnificent Seven rose 0.9% and Tesla dropped 3.4% on Monday, extending its decline this year to nearly 43% and halving since July, Deutsche Bank said in a note. "It's maybe a slight warning for the darlings of the current AI [artificial intelligence] boom that things can change quickly if profits don't follow very high expectations as new technologies grow." Tesla shares were up 2.5% in recent trading Tuesday.

West Texas Intermediate crude oil rose 1.6% to $83.17 a barrel.

Gold fell 0.1% to $2,343.6 per ounce, while silver rose 0.4% to $27.37.