The Dow Jones Industrial Average led gains on Wall Street on Friday, June 30, as positive earnings for Nike Inc. (NKE) - Get Report boosted its peers. 

The Dow climbed 0.4%. The S&P 500 was up 0.32%, and the Nasdaq rose 0.17%.

Nike lifted the Dow, gaining more than 8% on Friday after the athletic footwear and apparel giant reported earnings that topped Wall Street forecasts. The company also confirmed an agreement with Inc. (AMZN) - Get Report to sell certain products on the e-commerce conglomerate's website.

Earnings in Nike's fiscal fourth quarter were 60 cents a share on revenue of $8.7 billion, beating estimates for earnings of 50 cents on revenue of $8.6 billion.

The cyclical consumer space was one of the best performers on Friday. Adidas AG (ADDYY) , Skechers USA Inc. (SKX) - Get Report , Ralph Lauren Corp. (RL) - Get Report  and VF Corp. (VFC) - Get Report were all higher, while the Consumer Discretionary SPDR ETF (XLY) - Get Report increased 0.77%. 

Crude oil prices added to gains Friday after weekly rig count data from Baker Hughes showed the first decline in activity in 24 weeks. The number of active U.S. rigs drilling for oil fell by 2 in the past week to 756 rigs. The number of active rigs has only dropped two times this year.

West Texas Intermediate crude was up 2% to $45.83 a barrel on Friday.

Benchmark indexes are expected to post solid gains for the second quarter. Strong fundamentals and a positive earnings season have given markets a boost over the past three months even as volatility held at multi-year lows. 

The S&P 500 was on track to post quarterly gains of nearly 3%, its seventh quarter of gains in a row. The index hasn't posted a quarter of declines since the third quarter of 2015.

The second quarter was all about tech, said Helene Meisler over on TheStreet's premium site for investors, Real Money. Get her insights with a free trial subscription.

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A tech selloff on Thursday, June 29, erased the Nasdaq's month-to-date gains and laid the groundwork for the first negative month since October 2016. The Nasdaq index was still on track to close out the second quarter with gains of around 5%.

The dive in tech stocks was the latest in a series of selloffs that has plagued the sector in recent weeks. The Technology Select Sector SPDR ETF (XLK) - Get Report fell 3.1% on Thursday. The ETF has fallen 2.7% since the beginning of the month, dropping more than 1% on three days. The ETF rose 0.3% on Friday.

Tech names, particularly the FAANG stocks (Facebook Inc. (FB) - Get Report , Inc. (AMZN) - Get Report , Apple Inc. (AAPL) - Get Report , Netflix Inc. (NFLX) - Get Report  and Alphabet Inc. (GOOGL) - Get Report ), have been under pressure after a steep run-up year to date. The FAANG stocks had contributed a hefty portion to the S&P 500's gains in the period. 

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Personal incomes in the U.S. rose in May, according to the latest reading from the Bureau of Economic Analysis. Incomes rose by 0.4%, up 10 basis points from April's growth. Economists expected incomes to rise by 0.3%. Consumer spending increased 0.1%, while the savings rate climbed to 5.5% from 5.1%. 

Manufacturing conditions in the Chicago region showed unexpected improvement in June. Chicago PMI rose to a reading of 65.7 in June, up from 59.4 in May. Economists expected a dip to 58.2. Any reading over 50 indicates expansion. Chicago PMI was at its highest level since 2014. 

Consumer sentiment weakened slightly in June, according to the final reading from the University of Michigan. The overall index slipped to 95.1 from 97.1 in May, though beat estimates of 94.5. Consumer expectations dipped, while sentiment on current conditions strengthened. 

Chipmaker Micron Technology Inc. (MU) - Get Report  fell 4.5% despite posting better-than-expected earnings. Fiscal third-quarter adjusted earnings of $1.62 a share topped forecasts by 10 cents. Revenue in the quarter was $5.57 billion, up from $2.9 billion a year earlier and above analysts' estimates of $5.4 billion. Micron forecast better-than-expected profit and revenue for the fiscal fourth quarter.

Bank of America Corp. (BAC) - Get Report  was rising slightly after Warren Buffett's Berkshire Hathaway Inc. (BRK.B) - Get Report announced plans to purchase 700 million shares. Berkshire will exercise its warrants, putting the price per stock at roughly $7.14 a share. The 700-million-share holding would make Berkshire the largest shareholder with a stake of 7% of shares outstanding. 

Hain Celestial Group Inc. (HAIN) - Get Report rose almost 8% after activist investor Engaged Capital reportedly pressed the company to sell itself. Engaged has submitted seven candidates for the company's board. 

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Updated from 12:48 p.m. ET on Friday, June 30.