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US stocks were in rally mode on Friday, bouncing back from Thursday's tech-driven sell-off as investors assessed earnings reports from big Wall Street banks and clung to rate-cut hopes.

The S&P 500 (^GSPC) gained as much as 1.2%, just off the benchmark's recent record high. The Dow Jones Industrial Average (^DJI) rose 1.1% and the tech-heavy Nasdaq Composite (^IXIC) added 1.4%.

Both the S&P 500 and Nasdaq snapped a seven-day win streak on Thursday, as an exodus from Big Tech stocks followed inflation data that seemed to all but cement a rate cut from the Federal Reserve in September.

Read more: Inflation fever breaking? Price hikes on everyday expenses finally ease up.

On Friday, results fromWall Street banks got earnings season going in earnest before the bell.

JPMorgan Chase's (JPM) profit surged 25% in the second quarter, buoyed by rising investment banking fees and an $8 billion one-time gain linked to Visa, but shares slipped. Wells Fargo (WFC) stock sank about 6% after it posted a drop in profit as it missed estimates for interest income. And Citi (C) stock lost more than 1% after the fir reported a 10% rise in profit, but maintained its 2024 outlook for modestly lower net interest income.

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