On Friday, U.S. stocks increased as Treasury yields declined from standard.

The S&P 500 was up 0.8%, the NASDAQ Composite was up 1.2%, and the Dow Jones Industrial Average was up 114 points, or 0.4%, at 10:46 ET (15:46 GMT).

After hitting a four-month high the previous day, the 10-year Treasury fell down below 4% early on Friday. After reaching peaks last seen in 2007, the 2-year Treasury was trading at 4.855%.

Data on the economy indicate a tight labour market and rising corporate costs, fueling worries that the Federal Reserve would need to keep hiking interest rates. Both Atlanta Fed President Raphael Bostic and Fed Governor Chris Waller suggested they were open to hiking rates more than they had initially anticipated.

The market is now betting the benchmark rate will reach closer to 5.5% and stay higher for longer.

The hawkish remarks from Fed members have also prompted market observers to budget for at least three additional rate hikes of one-quarter of a percentage point apiece beginning this month.

Shares of Marvell Technologies, Inc. (NASDAQ:MRVL) were down 7.2% after the semiconductor manufacturer gave profit and revenue predictions for the first quarter that were below analysts’ expectations.

Shares of Costco Wholesale Corp. (NASDAQ:COST) dropped 3% following the big box retailer’s release of weak second-quarter revenue. Consumers are being forced to reduce their discretionary spending due to inflation.

Oil was mixed. Although Brent Oil Futures fell 0.1% to $84.64 per barrel, Crude Oil WTI Futures increased by 0.2% to $78.33 per barrel. At $1850, gold futures were up 0.6%.