U.S. stocks rose Thursday as investors shook off weak guidance from technology bellwether Microsoft and worries about Federal Reserve rate hikes.
The Dow Jones Industrials rebounded morning losses and gained 122.76 points to 32,935.99.
The S&P 500 improved 32.25 points to 4,133.48
The NASDAQ Composite jumped 175.66 points, or 1.5%, to 12,170.12.
Fed Vice President Lael Brainard on Thursday said it is unlikely the central bank will take a break from its current rate-hiking cycle anytime soon.
Meanwhile, shares of Microsoft slid more than 1% as the company warned revenue and earnings this quarter would fall short of analysts' estimates. The stock weighed on the Dow.
Other technology names rose and boosted the NASDAQ. Nvidia gained more than 6%, Zoom rose about 3% and Tesla added more than 6%.
Meta Platforms edged about 3% higher a day after Sheryl Sandberg announced she is stepping down from her role as chief operating officer.
Traders also parsed through corporate earnings results. Hewlett Packard Enterprise fell around 6% following slight misses on both earnings and revenue. Meanwhile, shares of pet retailer Chewy surged about 20% after the company reported strong quarterly results.
Investors eyed employment data showing the slowest job creation pace of the pandemic-era recovery. Private sector employment rose by just 128,000 in May, ADP reported Thursday, falling well short of the 299,000 Dow Jones estimate.
In another report Thursday, initial jobless claims last week fell and came in below expectations, according to the U.S. Labor Department.
The closely-watched jobs report for May is slated for release Friday morning. Economists expect 325,000 non-farm jobs were added in the latest month, compared with 428,000 in April.
Treasury prices recovered, lowering yields to Wednesday's 2.92%. Treasury prices and yields move in opposite directions.
Oil prices collected $1.35 to $116.81 U.S. a barrel.
Gold prices gained $23.10 to $1,871.90 U.S. an ounce.