US equity indexes rose after midday on Friday, with technology and communication services topping sector charts.

The Nasdaq Composite jumped 1.2% to 23,279.5, with the S&P 500 up 0.9% to 6,836.9 and the Dow Jones Industrial Average 0.7% higher at 48,264.4.

Healthcare was among the top gainers, while consumer discretionary and consumer staples led the decliners.

Oracle (ORCL), Silver Lake and MGX have signed deals with ByteDance's TikTok to form a new US joint venture overseeing the American version of the social media platform, according to media outlets, citing an internal memo. Shares of Oracle jumped 7.7%, among the top performers on the S&P 500.

Nike (NKE) shares sank 10.2%, the worst performer on the S&P 500. The retailer expects fiscal Q3 sales to fall by low single digits, with "modest growth in North America as we see reduced liquidation activity versus prior quarters," Chief Financial Officer Matthew Friend said on the fiscal Q1 earnings conference call late Thursday, according to a FactSet transcript. Nike sees fiscal Q3 gross margins to be down about 175 basis points to 225 basis points, the CFO added.

In economic news, the University of Michigan consumer sentiment index for December was revised to 52.9 from a preliminary estimate of 53.3, compared with expectations for a revision to 53.5 in a survey compiled by Bloomberg. The final reading was 51.0 in November. Respondents in a Michigan survey see a 4.2% annual inflation rate over the next year and 3.2% over five years, declining from 4.5% and 3.4%, respectively, in November.