US equity indexes rose as a closely monitored inflation measure met expectations and earnings from Apple (APPL) kept bears at bay amid speculation President Donald Trump's likely announcement on tariffs on Saturday may not include oil imports.

The Nasdaq Composite rose by 1.1% to 19,905.2, with the S&P 500 up 0.7% to 6,112.5 and the Dow Jones Industrial Average 0.1% higher at 44,902.7 after midday on Friday. Communications, technology, and consumer discretionary led the gainers intraday, while energy was the steepest decliner.

All three indexes traded close to their all-time highs following quarterly earnings from some of the biggest companies in the US, including Apple, which reported overnight higher fiscal Q1 earnings and net sales.

"Heading into Apple's earnings, many of the long-time bears and haters on Cupertino were painting a demand picture that was dire for iPhone 16 and the overall Apple story," Wedbush Securities said in a note on Friday. "Overall, this was a clean quarter for Apple."

Trump said he plans to announce 25% tariffs on Canada and Mexico on Saturday but has not decided whether oil imports from the neighboring countries should be subject to trade duties, according to media reports. "We may or may not," The Columbian cited Trump as saying on Thursday.

In economic news Friday, the US Bureau of Economic Analysis data showed Friday that the personal consumption expenditures price index grew 0.3% in December, as expected in a survey compiled by Bloomberg, following a 0.1% increase in the previous month. The year-over-year PCE advanced to 2.6% from 2.4%, also as anticipated. Core PCE price index climbed 0.2%, as forecast in a separate Bloomberg poll, following a 0.1% gain in November. The annual rate remained at 2.8%, meeting expectations.

"Consumer spending on durables propelled the economy to a strong finish in 2024," Morgan Stanley economists, including Chief US Economist Michael Gapen, wrote in a note to clients Friday. "Less downside risk to activity and labor markets is one factor that raises the bar for further Fed easing. Although the Fed retained its easing bias in January, [Chair Jerome] Powell emphasized it is 'not in a hurry' to act."

The Institute for Supply Management's Chicago PMI reading rose to 39.5 in January from 36.9 in December, below the expected 40.0 print in a survey compiled by Bloomberg. The index indicates contraction, which is in line with the New York Fed, Kansas City, and Richmond Fed indexes but in contrast with the Philadelphia Fed, Dallas Fed, and the S&P global flash indexes that signaled expansion.

Gold futures slipped less than 0.1% to $2,843.22 an ounce after touching a new record high of 2,840.70 earlier in the session.

US Treasury yields traded mixed intraday, with the benchmark 10-year steady at 4.51% and the two-year little changed at 4.2%.

Further, in earnings news, Deckers Outdoor (DECK) sank 16% intraday, the worst performer on the S&P 500, after the company issued fiscal 2025 revenue guidance shy of analysts' estimates.

Atlassian (TEAM) reported fiscal Q2 non-GAAP diluted earnings and revenue above market expectations. Its shares soared 16% intraday, leading the Nasdaq.

West Texas Intermediate crude oil futures fell 0.7% to $72.19 a barrel.