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#usa_stocks rose sharply Friday after fresh inflation data failed to raise further fears of delayed rate cuts, helped by stronger-than-expected earnings from tech giants #Microsoft and Alphabet. 

AT 09:35 ET (13:35 GMT), #Dow_Jones Industrial #Average gained 80 #points, or 0.2%, S&P 500 rose 35 points, or 0.7%, while the tech-heavy #NASDAQ #Composite soared 205 points, or 1.3%

PCE data comes in as expected 

Data released earlier Friday showed that the personal consumption expenditures price index rose 0.3% in March, largely as expected. In the 12 months through March, PCE inflation advanced 2.7% against expectations of 2.6%.

Excluding the volatile food and energy components, the PCE price index increased 0.3% last month, as expected, rising 2.8% on an #annual basis versus forecasts of 2.7%.

There had been fears, driven largely by hawkish comments from a number of Fed officials, that the Fed’s favorite gauge of inflation would come in way ahead of expectations, pushing back further the likelihood of rate cuts this year.

#Microsoft surges, #Alphabet hits record high on strong Q1 earnings 

Also helping the tone Friday were strong gains from a number of the tech giants that have been largely responsible for the push to record highs in the major indices seen earlier in the year.

Class A shares of Google-parent Alphabet (NASDAQ:#GOOGL) gained 10%, hitting an indicated record high, after the tech giant reported stronger-than-expected first-quarter earnings on robust demand for its new AI offerings. Alphabet also declared its first ever dividend, of 20 cents per share. 

#Microsoft (NASDAQ:#MSFT) shares rose over 2%, as strong demand for AI products also helped the firm report stronger-than-expected first-quarter earnings. 

AI darling #NVIDIA Corporation (NASDAQ:#NVDA) added almost 2%, extending a recent rebound even as recent earnings from other chipmakers raised doubts over just how much the AI industry would support chip demand. 

#Snap surges on strong earnings, Intel slides 

Elsewhere, Snap (NYSE:#SNAP) stock rallied over 24% after the social media firm posted stronger-than-expected first-quarter earnings, while also offering an upbeat outlook. 

Other social media stocks also rose after the U.S. pushed forward a bill that gave video streaming app TikTok a year to either divest itself or leave U.S. markets. 

On the other hand, Intel (NASDAQ:#INTC) slid 12% after the chipmaker clocked disappointing quarterly earnings and offered a middling forecast for the second quarter.

Crude set to snap two-week losing streak 

Oil prices rose Friday, and were on track to snap a two-week losing streak amid bets on tighter supplies and persistent geopolitical unrest in the Middle East.

By 09:35 ET, the U.S. crude futures traded 0.6% higher at $84.08 a barrel, while the Brent contract climbed 0.6% to $89.51 a barrel.

For the week, #Brent has gained over 2% so far, while WTI is up around 1%.

Prices were boosted this week after overall U.S. inventories #shrank more than expected in the past week, indicating some tightness in global oil markets.

Concerns over disruptions to Middle East supplies also remained in play as Israel stepped up its strikes against the militant group Hamas in #Gaza, ensuring tensions remained elevated in the #oil_rich region even with a war with Iran not materializing.

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