Major U.S. stock indices rose in the final trading session of the week as Federal Reserve Chairman Jerome Powell reiterated expectations that lower interest rates were on the horizon.

In a speech at the Jackson Hole Economic Symposium, Powell indicated that the conditions were in place for a rate cut in September, but stressed that the timing and intensity of the cuts would depend on how economic conditions evolve.

The S&P 500 rose 1.2 percent on Friday. The Nasdaq gained 1.5 percent, while the Dow rose 1.1 percent.

Shares of building materials supplier Builders FirstSource (BLDR) were the best performers in the S&P 500, rising 8.7%. While more clarity on upcoming interest rate cuts and the promise of lower mortgage rates bode well for construction activity, the company has also attracted attention for its aggressive share buybacks and acquisitions. A report published Thursday in The Wall Street Journal highlighted that Builders FirstSource has managed to reduce net debt despite repurchasing shares and acquiring competitors, putting the company in a strong position despite the uncertain development of the real estate market.

Cruise companies also benefited from the increasing likelihood that interest rates will fall following Powell’s speech. Cruises are highly discretionary purchases and operators tend to be heavily leveraged, making them particularly sensitive to interest rate changes. Norwegian Cruise Line Holdings (NCLH) shares rose 7.7 percent on Friday, while Carnival (CCL) shares gained 7.4 percent.

Warner Bros. Discovery (WBD) shares rose 7.3% after a report was released on the entertainment giant’s plans to revamp its cable network strategy. According to The Wall Street JournalThe conglomerate plans to increase spending on programming on its TNT network and focus on high-intensity dramas designed to appeal to the network’s male audience. The strategy marks a shift away from a focus on streaming services and comes after the company lost its broadcast deal with the NBA.

The prospect of interest rate cuts also boosted solar industry stocks. Lower interest rates reduce financing costs and make solar installations more attractive. Shares of solar microinverter maker Enphase Energy (ENPH) rose 6.5%. Earlier this week, analysts at Truist reiterated their buy rating on Enphase stock, citing potential operational expansion. Shares of solar module maker First Solar (FSLR) rose 5.9% that day.

Intuit (INTU) shares fell 6.8%, suffering the biggest loss of any S&P 500 stock, after the financial software company reported an unexpected quarterly loss and issued a lackluster full-year earnings forecast. The company behind TurboTax and Credit Karma said last month it plans to reduce its workforce by about 10%, though it intends to replace departing employees with new talent to focus on artificial intelligence (AI).

Shares of design automation software maker Synopsys (SNPS) fell 1.6 percent following the release of the company’s latest quarterly report. Earnings per share (EPS) beat forecasts, but revenue was broadly in line with expectations. In January, Synopsys announced its plan to acquire engineering software provider Ansys (ANSS) in a cash-and-stock deal valued at $35 billion. However, British regulators said earlier this week that they were reviewing the potential impact of the proposed transaction on competition in the country.

Shares of memory and data storage provider Micron Technology (MU) fell 1.4% after Susquehanna cut its price target on the stock. The more muted analyst expectations follow an update from Micron that said DRAM and NAND bit shipments will be relatively flat quarter-over-quarter. However, Susquehanna maintains its positive stance on the stock, predicting tight supply and demand dynamics that will support a rebound in the memory industry.