US benchmark equity indexes rallied intraday, partly driven by a post-earnings surge in the Apple (AAPL) stock, as markets evaluated a weaker-than-expected jobs report.

The technology-heavy Nasdaq Composite was up 2% at 16,156.9 after midday Friday, while the S&P 500 rose 1.3% to 5,129. The Dow Jones Industrial Average increased 1.2% to 38,702.1. Tech jumped 3.1%, the best sector performer among sectors. Energy was the sole decliner.

Apple shares jumped 7%, among the top gainers on all three indexes. The technology giant late Thursday logged a surprise increase in fiscal second-quarter earnings despite a slowdown in iPhone sales. Apple announced additional stock repurchase authorization of up to $110 billion.

Amgen (AMGN) was the best performer on all three indexes, up 12%. The biopharmaceutical company late Thursday raised the low end of its full-year revenue outlook and said it's "very encouraged" with the interim clinical results of its potential obesity drug candidate MariTide.

Expedia Group's (EXPE) shares tumbled 14%, the steepest decline on the S&P 500, following a flurry of price target cuts by Wall Street analysts after the company reported its first-quarter results late Thursday.

The US 10-year yield fell 6.5 basis points to 4.51% intraday, while the two-year dropped 6.7 basis points to 4.81%.

In economic news, total nonfarm payrolls in the US rose by 175,000 in April, the Bureau of Labor Statistics reported. The consensus was for a 240,000 gain, according to a survey compiled by Bloomberg. Average hourly earnings growth slowed to 0.2% sequentially from March's 0.3% rate, which was the pace modeled by analysts for April. The annual measure eased to 3.9% from 4.1%, below the Street's 4% view.

"Wage growth decelerated a bit more than expected last month," TD Economics said in a note. "This will be welcome news for (Federal Reserve) officials — particularly after other data points out this week including the Employment Cost Index showed an uptick in wage pressures more recently."

On Wednesday, the central bank's Federal Open Market Committee kept interest rates unchanged for its sixth consecutive meeting and said there's been "a lack of further progress" in bringing inflation down in recent months.

Fed Governor Michelle Bowman said Friday that policymakers' current monetary policy stance appears to be restrictive, but there continues to be upside inflation risks, which, if materialized, could warrant raising interest rates.

"I remain willing to raise the federal funds rate at a future meeting should the incoming data indicate that progress on inflation has stalled or reversed," Bowman said.

West Texas Intermediate crude oil fell 0.8% to $78.31 per barrel intraday.

The US services sector saw a surprise contraction in activity in April following 15 straight months of growth, according to data from the Institute for Supply Management. Separately, S&P Global (SPGI) indicated a slowdown in growth in services sector activity.

"We are not overly concerned by the rough patch signaled by the (headline ISM) index," Oxford Economics said in a note. "Consumer spending will continue to grow thanks to a supportive labor market and keep the economy ticking along."

On Wednesday, data from the ISM showed that US manufacturing sector activity unexpectedly contracted last month, while S&P Global separately pointed to stagnation.

Gold was little changed at $2,309 per troy ounce, while silver dropped 0.4% to $26.71 per ounce.