What is causing the increase in US stocks as technology bounces back due to lower Treasury yields and the UAW strikes expand, driving the markets on Friday?

On Friday, Wall Street experienced gains across major U.S. equity indices, countering the significant losses from the previous day. The technology sector was particularly strong, taking advantage of a decline in Treasury yields. This positive momentum persisted despite hawkish comments made by Federal Reserve officials earlier in the day. The UAW expanded its strikes to 38 locations across 20 states, targeting General Motors Company and Stellantis N.V. but excluding Ford Motor Co. In terms of index performance, the S&P 500 rose by 0.6%, the Nasdaq 100 surged by 1%, and both blue-chip and small-cap stocks inched up by 0.2%. Minneapolis Fed President Neel Kashkari and San Francisco Fed President Mary Daly are scheduled to speak later in the day. Notable stocks include Activision Blizzard, Inc., which rose by over 1.70% following positive news regarding its pending acquisition by Microsoft Corp., and United States Steel Corporation, which gained about 1.50% amid reports of potential bidding interest from Canadian steelmaker Stelco. On the other hand, Hertz Global Holdings, Inc. fell by over 8% after a decrease in price target by Oppenheimer. Alibaba Group Holding Ltd. rallied over 5% and PDD Holdings Inc. climbed over 4% on reports of China considering relaxing foreign ownership rules for domestic publicly traded companies. In the commodities market, crude oil rose by 0.7%, with the price of WTI-grade crude at $90 per barrel. Treasury yields decreased, with the 10-year yield falling 7 basis points to 4.43% and the two-year yield falling 4 basis points to 5.11%. The dollar slightly strengthened, European equity indices closed positively, gold and silver prices increased, and Bitcoin remained relatively stable.