GLOBAL MARKETS-Wall Street jumps on tech boost, yen slides on BOJ gloom

By Stephen Culp

NEW YORK, May 1 (Reuters) - Wall Street stocks rallied and gold prices slid on Thursday as solid earnings from big tech bolstered investor risk appetite.

All three major U.S. stock indexes began the month in positive territory, with upbeat quarterly results from Meta Platforms META.O and Microsoft MSFT.O benefiting the Nasdaq most, sending the tech-laden index up 2.4%.

The bellwether S&P 500 is on track to extend its gains to an eighth consecutive session, its longest winning streak since August 2024.

The dollar advanced as the yen took a hit after the Bank of Japan cut its growth forecasts due to uncertainties surrounding U.S. tariff policy.

Trading was thin throughout Asia and Europe due to May Day holidays.

There were no major announcements regarding trade negotiations following U.S. President Donald Trump's steep tariffs announced on April 2, which rattled world markets for much of last month.

"I suspect that any news on tariff negotiations will be the same as we've heard in the last few days, which is lots of deals are done, but they're waiting for a sign off on the other party, which seems to spell out to me there is no deal done," said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York.

"They might be working toward agreements, but until the ink is on paper, as they say, like there's no deal."

First quarter earnings season is well past its halfway point, with 375 companies in the S&P 500 having reported. Of those, 74% have beaten analyst expectations, according to LSEG.

Apple Inc AAPL.O and Amazon.com AMZN.O are due to report after the closing bell, the fifth and sixth members of the so-called "magnificent seven" to post quarterly results, leaving chipmaker Nvidia NVDA.O, which is expected to release its first-quarter earnings on May 28.

On the economic front, U.S. factory activity remained in contraction, while jobless claims increased more than analysts expected.

The Dow Jones Industrial Average .DJI rose 311.33 points, or 0.77%, to 40,981.02, the S&P 500 .SPX increased 76.53 points, or 1.37%, to 5,645.25 and the Nasdaq Composite .IXIC was up 413.81 points, or 2.36%, to 17,860.15.

MAY DAY HOLIDAY

Many markets in Europe and the rest of the world were closed for the May Day holiday.

MSCI's gauge of stocks across the globe .MIWD00000PUS rose 5.63 points, or 0.68%, to 839.17.

The pan-European STOXX 600 .STOXX index was flat, while Europe's broad FTSEurofirst 300 index .FTEU3 fell 1.24 points, or 0.06%.

Emerging market stocks .MSCIEF fell 2.91 points, or 0.26%, to 1,109.93. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed lower by 0.19%, to 579.92, while Japan's Nikkei .N225 rose 406.92 points, or 1.13%, to 36,452.30.

The greenback advanced after the BoJ's outlook downgrade, which reduced the prospect for future rate hikes.

The dollar index =USD, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.55% to 100.22, with the euro EUR= down 0.41% at $1.128.

Against the Japanese yen JPY=, the dollar strengthened 1.6% to 145.36.

The yield on benchmark U.S. 10-year notes US10YT=RR rose 2.3 basis points to 4.198%, from 4.175% late on Wednesday. The 30-year bond US30YT=RR yield increased 4.5 basis points to 4.7248% from 4.68% late on Wednesday.

The 2-year note US2YT=RR yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 1.8 basis points to 3.639%, from 3.621% late on Wednesday.

Oil prices reversed their earlier slump on waning fears of softening demand.

U.S. crude CLc1 rose 0.93% to $58.77 a barrel and Brent LCOc1 climbed to $61.52 per barrel, up 0.75% on the day.

Gold prices extended their decline, touching a two-week low as easing trade tensions drew investors away from the safe-haven metal.

Spot gold XAU= fell 1.94% to $3,224.06 an ounce. U.S. gold futures GCc1 decreased 2.43% to $3,224.70 an ounce.