The major U.S. index futures are currently pointing to a higher open on Friday, with stocks likely to extend the notable upward move seen over the course of the previous session.

Technology stocks may see continued strength after helping lead the advance on Thursday, when the tech-heavy Nasdaq surged by 1.4 percent.

Optimism about the outlook for earnings may contribute to continued strength in the tech sector ahead of next week’s release of quarterly results from companies like Intel (INTC), IBM Corp. (IBM) and Netflix (NFLX).

The Dow may also receive a boost from a jump by shares of Travelers (TRV), with the insurance giant spiking by 4.9 percent in pre-market trading.

Travelers is moving sharply higher after the company reported fourth quarter earnings that exceeded analyst estimates.

Stocks moved mostly higher over the course of the trading day on Thursday, largely offsetting the weakness seen to start the week. The major averages all moved to the upside, with the tech-heavy Nasdaq leading the advance.

The major averages reached new highs late in the session, closing firmly in positive territory. The Nasdaq surged 200.03 points or 1.4 percent to 15,055.65, the S&P 500 advanced 41.73 points or 0.9 percent to 4,780.93 and the S&P 500 climbed 201.94 points or 0.5 percent to 37,468.61.

Tech stocks helped lead the way higher on Wall Street, with shares of Apple (AAPL) jumping by 3.3 percent after Bank of America upgraded its rating on the company’s stock to Buy from Neutral.

A rally by semiconductor stocks also contributed to the surge by the Nasdaq, as the Philadelphia Semiconductor Index spiked by 3.4 percent.

Taiwan Semiconductor (TSM) helped lead the sector higher, soaring 9.8 percent after reporting better than expected fourth quarter results and providing upbeat guidance.

Networking, computer hardware and software stocks also showed notable moves to the upside over the course of the session.

Outside the tech sector, airline stocks saw substantial strength on the day, resulting in a 3.6 percent surge by the NYSE Arca Airline Index. The index bounced off its lowest closing level in well over a month.

Oil service and housing stocks also saw considerable strength, while interest-rate sensitive utilities stocks bucked the uptrend.

The rebound on Wall Street came despite a continued increase by treasury yields, which moved higher after the Labor Department released a report showing an unexpected weekly decrease in first-time claims for U.S. unemployment benefits.

The report said initial jobless claims fell to 187,000 in the week ended January 13th, a decrease of 16,000 from the previous week’s revised level of 203,000.

Economists had expected jobless claims to inch up to 207,000 from the 202,000 originally reported for the previous week.

With the unexpected decline, jobless claims dropped to their lowest level since hitting 182,000 in the week ended September 24, 2022.