US benchmark equity indexes were on track to close higher on Friday, underpinned by the latest round of corporate earnings, while St. Louis Fed President Alberto Musalem said inflation and the slowing labor market pose economic risks.

The Nasdaq Composite gained 1% to 21,453.03, the S&P 500 increased 0.8% to 6,393.36, and the Dow Jones Industrial Average rose 0.4% to 44,126.85. Among sectors, communications led the gainers, while utilities and real estate were the sole decliners.

Gilead Sciences (GILD) shares gained 8.2%, the second-biggest increase on the S&P. The company's Q2 results exceeded analyst expectations, driven by strength in its HIV drug segment, and the company forecast 3% growth in annual HIV product sales in 2025, Truist Securities said.

Gen Digital (GEN) shares rose 7.8%, the third-biggest gain on the S&P. Some analysts, including from RBC and Wells Fargo, raised their price targets on the stock following the company's fiscal Q1 earnings and revenue beats.

Trade Desk's (TTD) shares tumbled 38%, the steepest drop on the S&P. The outlook has "turned cautious" as the company faces rising competition, primarily from Amazon.com (AMZN), Wedbush said.

The 10-year US Treasury yield rose 3 basis points to 4.29%, while the two-year rate increased 3.5 basis points to 3.77%.

September West Texas Intermediate crude oil fell 0.2% to $63.73 a barrel.