The stock market welcomed the latest data highlighting economic resilience, even if it implies that Federal Reserve policy will remain tight.

Tech megacaps led the rebound in equities, with the Nasdaq 100 up almost 2% and the S&P 500 halting a two-day drop. Tesla rallied after a 6% plunge, Snowflake jumped on an artificial intelligence-related partnership with Nvidia and Facebook’s parent Meta Platforms gained as Citigroup lifted its target. Alphabet underperformed with an analyst saying Google’s owner was moving “too fast” in AI.