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Qualcomm ( QCOM ) gains on upbeat Q3 forecast

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DoorDash ( DASH ) slides after dour Q2 core profit forecast

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Futures up: Dow 0.46%, S&P 0.71%, Nasdaq 0.93%

(Updated at 7:07 a.m. ET/ 1107 GMT)

By Shristi Achar A and Shashwat Chauhan

May 2 (Reuters) - U.S. stock index futures advanced on

Thursday, a day after the Federal Reserve left interest rates

unchanged and allayed fears around potential rate hikes, with

focus moving to a spate of earnings reports through the day.

While Fed Chair Jerome Powell indicated that stubbornly high

inflation would see a long-expected U.S. rate cut pushed back,

he refused to entertain talk that rates might actually need to

go up again.

Money markets see a 55.6% chance of the first rate cut of at

least 25 basis points (bps) being delivered in September, but

have priced in a greater 69% chance of a cut in November,

according to CME FedWatch tool.

"The Fed's official statement did acknowledge a 'lack of

further progress' in inflation reduction in recent months,"

Preston Caldwell, chief U.S. economist at Morningstar, said.

"But Powell expressed the strong belief that current

monetary policy is sufficiently restrictive to return inflation

to the Fed's 2% target eventually ... therefore it's unlikely

the next policy move will be a hike."

U.S. stocks initially rose, but the S&P 500 and the

Nasdaq closed lower on Wednesday after the Fed decision.

Focus now moves to the key nonfarm payrolls data on Friday

for a clearer outlook on the labor market and the interest rate

path. Investors, on Thursday, will also keep an eye out for

weekly jobless claims due at 8:30 a.m. ET and March factory

orders data at 10 a.m. ET.

Of the 310 companies in the S&P 500 that have reported

earnings as of Wednesday, 77.4% have surpassed earnings

estimates, compared with the historical average of 67%,

according to LSEG data.

At 07:07 a.m. ET, Dow E-minis were up 174 points,

or 0.46%, S&P 500 E-minis were up 35.75 points, or

0.71%, and Nasdaq 100 E-minis were up 162.75 points, or

0.93%.

Among early movers, Qualcomm ( QCOM ) gained 5.2% in

premarket trading after the smartphone chips supplier forecast

quarterly sales and adjusted profit above Wall Street

expectations.

Carvana ( CVNA ) surged 37.1% after the used-car seller

forecast a surprise rise in current-quarter retail sales and

core profit.

MGM Resorts International ( MGM ) added 7.2% after the

casino operator beat first-quarter Wall Street estimates, driven

by strength in its China operations.

DoorDash ( DASH ) lost 11.7% after the food delivery firm

projected second-quarter core profit below estimates.

Etsy ( ETSY ) shed 13.3% after the online marketplace missed

Wall Street expectations for first-quarter gross merchandise

sales and profit.