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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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Indexes up: Dow 0.48%, S&P 0.46%, Nasdaq 0.85%

(Updated at 11:51 a.m. ET/1551 GMT)

By Shristi Achar A and Shashwat Chauhan

May 2 (Reuters) - Wall Street's main indexes advanced on

Thursday, a day after the Federal Reserve left interest rates

unchanged and signaled a dovish tilt, with focus moving to a

crucial job report later in the week.

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 59% chance of the first rate cut of at

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

have priced in a greater 70.8% chance of a cut in November,

according to CME FedWatch tool.

"Inflation remains higher than desired in the United States,

the Fed remains in wait-and-see mode and not ruling out (rate)

cuts altogether," Naomi Fink, global strategist at Nikko Asset

Management, said.

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

and the Nasdaq closed lower for the day after the

Fed decision.

Meanwhile, the number of Americans filing new claims for

unemployment benefits held steady at a low level last week,

pointing to a still fairly tight labor market.

A separate reading showed new orders for U.S.-manufactured

goods increased solidly in March, boosted by demand for

commercial aircraft and motor vehicles, but gains elsewhere were

moderate.

Focus now moves to the key nonfarm payrolls data on Friday

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

path.

Of the 373 companies in the S&P 500 that have reported

earnings this quarter, 77.2% have surpassed earnings estimates,

compared with the historical average of 67%, according to LSEG

data.

At 11:51 a.m. ET, the Dow Jones Industrial Average

rose 183.16 points, or 0.48%, to 38,086.45, the S&P 500

gained 23.07 points, or 0.46%, to 5,041.46, and the Nasdaq

Composite gained 133.09 points, or 0.85%, to 15,738.57.

Seven of the 11 major S&P 500 sectors were trading higher,

with information technology stocks up 1% and leading

gains.

Apple ( AAPL ) gained 1.5% ahead of the iPhone maker's

quarterly results due after the closing bell.

Qualcomm ( QCOM ) rose nearly 9.2% after the smartphone

chips supplier forecast quarterly sales and adjusted profit

above Wall Street expectations.

Carvana ( CVNA ) surged 33.8% as the used-car seller

forecast a surprise rise in current-quarter retail sales and

core profit.

MGM Resorts ( MGM ) added 2.6% after the casino operator

beat first-quarter Wall Street estimates, driven by strength in

its China operations.

DoorDash ( DASH ) lost 12% as the food delivery firm

projected second-quarter core profit below estimates.

Etsy ( ETSY ) shed 13.8% after the online marketplace missed

Wall Street expectations for first-quarter gross merchandise

sales and profit.

Advancing issues outnumbered decliners for a 2.62-to-1 ratio

on the NYSE, and a 1.86-to-1 ratio on the Nasdaq.

The S&P 500 posted ten new 52-week highs and seven new lows,

while the Nasdaq recorded 56 new highs and 75 new lows.