NEW YORK>> Big Tech stocks once again carried Wall Street to a record Friday, even though the majority of stocks fell amid worries about the downside of a hot economy.

Big gains for Meta Platforms and Amazon helped drive the S&P 500 index up by 1.1% to its latest all-time high. It’s in a torrid run where it’s climbed in 13 of the last 14 weeks. The Big Tech stocks, which are two of Wall Street’s most influential, also vaulted the Nasdaq composite up by 1.7%.

But the Dow Jones Industrial Average, which has less of an emphasis on tech, rose by a more modest 0.3%, or 134 points. And the Russell 2000 index of smaller stocks fell 0.6%.

Stocks felt pressure from much higher yields in the bond market after a report showed U.S. employers hired many more workers last month than economists expected.

While the strength is a boon for workers and keeps the risk of a recession at bay, the worry is that it could preserve some upward pressure on inflation. That in turn could mean a longer wait for the Federal Reserve to begin cutting interest rates.

Hopes for such cuts, which can relax the pressure on the economy and goose investment prices, have been a major reason the U.S. stock market has surged to record heights. Fed Chair Jerome Powell said earlier this week that it’s unlikely cuts will begin as soon as traders had been hoping.

“The Fed threw some cold water on the idea of a March rate cut less than 48 hours ago, and today’s surprisingly strong jobs report won’t dry things off,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. “It’s definitely not the type of data the Fed had in mind when they said they wanted to see more evidence that inflationary pressures were under control.”

The yield for the 10-year Treasury leaped immediately after the release of the jobs report and climbed to 4.02% from 3.88% late Thursday.

Traders had already pushed out bets for the timing of the first Fed rate cut to May from March following Powell’s warning earlier this week. After the jobs report, traders shifted some bets even further out the calendar to June, according to data from CME Group.

Meta Platforms, the owner of Facebook and Instagram, soared 20.3% after it reported stronger profit for the latest quarter than expected and said it would start paying a dividend to its investors.

Amazon rallied 7.9% after it reported stronger profit and revenue for the latest quarter than expected.

Charter Communications slumped 16.5% for the sharpest loss in the S&P 500 after it reported weaker profit for the latest quarter than expected.