The Nasdaq increased by 1.1%, the S&P 500 increased by 0.75%, and the Dow Jones added 0.55%. 

After numerous days of losses, Apple surged more than 1% to lead the tech sector higher after COVID limits in China, which were anticipated to have an impact on iPhone production, were relaxed. 

Chip stocks also contributed to the rise in tech, climbing more than 2% in the wake of a surge in NVIDIA and NXP Semiconductors. Investors were waiting for additional information on chip demand as a semiconductor bellwether. After the closing bell, Broadcom releases their results. 

While this was going on, Microsoft gained more than 1%, despite the Federal Trade Commission announcing on Thursday that it intended to file a lawsuit to stop Microsoft's $69 billion acquisition of video game developer Activision Blizzard due to anti-competitive concerns. 

While Treasury yields increased, the impact on growth industries like technology was minimal as investors awaited Friday's report, which is predicted to reveal a slowdown in producer pricing. 

After a choppy session in which they fluctuated by more than $4 per barrel due to news of the closure of a Canada-to-U.S. pipeline and claims that tankers were amassing in Turkey as a result of the price cap on Russian oil, crude prices hit close to one-year lows and stabilised for a fifth day in a row. 

In an effort to restrict the amount of money Moscow can gain from its oil in order to finance the conflict in Ukraine, Western governments and their allies have jointly set a price restriction of $60 per barrel on Russian petroleum since Dec. 5. The Kremlin administration has declared that the cap is unacceptable and that it will stop selling oil to any nation that tries to enact it. 

As President Vladimir Putin's administration has shown no significant evidence of retaliation against the cap, oil prices originally spiked on news of the cap on Monday but have since fallen. This has caused traders to believe that crude prices will eventually trade close to the limit. 

In contrast, GameStop saw a rise of almost 11% despite reporting a larger-than-anticipated quarterly loss as investors digested comments made by CEO Matthew Furlong regarding the company's transformation. 

After providing revised guidance in response to better-than-anticipated quarterly performance, Rent the Runway Inc saw a 74% increase. The fashion rental business also acknowledged that the majority of its restructuring work had been finished. 

(Sources: investing.com, reuters.com)