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GM up on FY forecast raise, Q1 beat

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Nucor ( NUE ) sinks after Q1 results miss

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Indexes up: Dow 0.40%, S&P 0.69%, Nasdaq 0.88%

(Updated at 9:49 a.m. ET/1349 GMT)

By Shristi Achar A and Shashwat Chauhan

April 23 (Reuters) -

Wall Street's main indexes rose on Tuesday as some growth

and chip shares gained, while stocks like General Motors ( GM ) and

Spotify advanced on upbeat earnings updates ahead of quarterly

reports from big technology companies.

Some megacap growth stocks including Meta Platforms ( META )

, Microsoft ( MSFT ) and Alphabet gained

between 1.1% and 2.3% in early trading.

The tech majors are scheduled to report their quarterly

numbers this week, with Tesla kicking off the cycle

after markets close on Tuesday.

Early gains in some chip stocks also offered support to

equities, with Nvidia ( NVDA ), Micron Technology ( MU ) and

Advanced Micro Devices ( AMD ) up between 1.2% and 1.9%.

On the earnings front, General Motors ( GM ) advanced 4.8%

after the automaker posted quarterly results above Wall Street

targets and raised its annual forecast.

Spotify gained 12.4% after the Swedish music

streaming company's quarterly gross profit topped 1 billion

euros ($1.1 billion) for the first time.

GE Aerospace

rose 4.8% after the aerospace giant raised its

full-year profit forecast.

Danaher ( DHR )

jumped 6.6% after the life sciences firm beat

quarterly profit and sales expectations.

"Overall, people are happy with how (earnings) have gone

because mostly they're surprised that things aren't worse," said

Will McDonough, chairman and CEO of Corestone Capital.

On the flipside, JetBlue ( JBLU ) plunged 11.8% as the

low-cost airline trimmed its annual revenue forecast after

reporting lukewarm first-quarter revenue.

First-quarter earnings are expected to grow 6% on a

year-on-year basis, as per latest estimates from LSEG.

U.S. equities sold off sharply last week amid heightened

tensions in the Middle East and as traders re-evaluated their

rate-cut expectations from the Federal Reserve.

The Personal Consumption Expenditures (PCE) index reading

for March, the Fed's preferred inflation measure, is due on

Friday and will help ascertain the central bank's monetary

policy trajectory.

Money markets are now pricing in just about 42 basis points

of interest-rate cuts, down from about 150 bps seen at the start

of the year, according to LSEG data.

On the data front, a preliminary reading of the April S&P

Global Composite PMI Output Index, which tracks the

manufacturing and services sectors, came in at 50.9.

At 9:49 a.m. ET, the Dow Jones Industrial Average was

up 152.31 points, or 0.40%, at 38,392.29, the S&P 500 was

up 34.72 points, or 0.69%, at 5,045.32, and the Nasdaq Composite

was up 135.98 points, or 0.88%, at 15,587.28.

Nine of the 11 major S&P 500 sectors were trading

higher, with communication services amongst top

gainers, up 1.4%.

Among other stocks, Nucor Corp ( NUE ) shed 6.0% as the

steelmaker missed Wall Street estimates for first-quarter

earnings.

Roblox added 4.1% after J.P. Morgan upgraded the

gaming platform to "overweight" from "neutral" on significant

monetization opportunity.

Hibbett ( HIBB ) jumped 18.4% as JD Sports Fashion

proposed to buy the athletic fashion retailer for about $1.08

billion.

Advancing issues outnumbered decliners by a 3.25-to-1 ratio

on the NYSE and by a 2.90-to-1 ratio on the Nasdaq.

The S&P index recorded five new 52-week highs and no new

lows, while the Nasdaq recorded 10 new highs and 42 new lows.