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WALL STREET INDEXES RALLY ON MIXED BAG OF NEWS

Wall Street indexes are higher in early Friday trading as investors heave a sigh of relief that the labor market is more or less holding steady and as they react to some signs of weakness in U.S. corporate earnings reports along with a glimmer of hope for progress in the global trade war.

Federal Reserve policymakers watching for cracks in the labor market, as businesses adjust to President Donald Trump's erratic trade policy, got some reassurance on Friday that so far there's little weakness, and no reason to rush into rate cuts.

And 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 while the country's Commerce Ministry warned the United States not to engage in "extortion and coercion."

On the earnings front, however, Apple Inc AAPL.O shares are tumbling ~5% after the company 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.

The iPhone maker is one of just three companies in the S&P 500 tech index that is in the red with Motorola Solutions MSI.N, down ~9%, after the safety and enterprise security services provider forecast Q2 profits below Street consensus.

GoDaddy GDDY.K is down more than 6% even as it reported a nearly 8% increase in Q1 revenue, with the addition of artificial intelligence features boosting demand for its internet hosting services.

Amazon.com AMZN.O shares are down ~1% after the online retailer and cloud computing provider reported Q1 cloud revenue growth and forecast operating income that both missed estimates.

All 11 S&P 500 sectors are higher with communications services .SPLRCL and industrials .SPLRCI the biggest gainers. Within industrials a rally in airlines stocks is leading the charge with Delta Airlines DAL.N, up ~5%, and United Airlines UAL.O, up 4%, leading the charge.

Here is your early snapshot from 10:15 a.m ET/ 1415 GMT

(Sinéad Carew)

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