*

Tesla set to kick off Magnificent Seven earnings

*

GM shares rise on update Q1 results

*

JetBlue ( JBLU ) plunges after trimming revenue forecast

*

Indexes up: Dow 0.65%, S&P 1.15%, Nasdaq 1.63%

(Updates to 3:05 PM ET)

By Chibuike Oguh

April 23 (Reuters) - Benchmark S&P 500 rose on

Tuesday following positive earnings from top-tier companies and

as investors were focused on quarterly results from Magnificent

Seven and other megacap growth stocks.

Tesla kicks off the earnings cycle for technology

heavyweights after markets close on Tuesday. That will be

followed by results from other tech majors, including Microsoft ( MSFT )

, Alphabet, and Meta Platforms ( META ), later

this week.

Markets were also buoyed by upbeat earnings from

companies such as General Motors ( GM ), which was up 5.2% after

the automaker's better-than-expected quarterly results.

Ten out of 11 S&P 500 sectors were advancing led by gains in

equities in communication services and technology

sectors. The S&P Materials sector was

trading lower dragged by steelmaker Nucor Corp ( NUE ), which

was down nearly 7% after a first-quarter earnings miss.

"We're having a continuation of an oversold balance that

started yesterday and the catalyst today is that markets are now

refocused on earnings reports across a wide array of sectors

that were strong," said Keith Lerner, co-chief investment

officer at Truist Advisory Services in Atlanta.

At 03:05 p.m., the S&P 500 gained 57.76 points,

or 1.15%, to 5,068.36 and the Nasdaq Composite gained

251.90 points, or 1.63%, to 15,703.21. The Dow Jones Industrial

Average rose 248.61 points, or 0.65%, to 38,488.59.

Data on Tuesday showed that U.S. business activity cooled in

April to a four-month low due to weaker demand, while rates of

inflation eased slightly even as input prices rose sharply,

suggesting possible relief ahead for rising consumer prices.

Investors will be eyeing the release of the March Personal

Consumption Expenditures (PCE) index - the Federal Reserve's

preferred inflation gauge - which is due on Friday.

Money markets are now pricing in just about 43 basis points

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

of the year, according to LSEG data.

"The PMI report was a little bit weaker and the

employment was a little bit weaker and the market at this point

is taking that is a bad-news-there-is-good-news, meaning the

people are becoming too hawkish on Fed expectations," Lerner

added.

Spotify ( SPOT ) surged 14% after the Swedish music

streaming giant posted gross profit topped 1 billion euros ($1.1

billion) for the first time.

Bullish full-year profit forecast helped to lift GE

Aerospace shares by nearly 7%. Danaher ( DHR ) gained

7.5% after the life sciences firm beat quarterly profit and

sales expectations.

Shares of JetBlue ( JBLU ) plunged 17% as the low-cost

carrier trimmed its annual revenue forecast following lukewarm

first-quarter revenue.

Advancing issues outnumbered decliners by a 6.17-to-1

ratio on the NYSE. There were 77 new highs and 25 new lows on

the NYSE. On the Nasdaq, 3,166 stocks rose and 961 fell as

advancing issues outnumbered decliners by a 3.29-to-1 ratio.

The S&P 500 posted 12 new 52-week highs and one new low

while the Nasdaq recorded 48 new highs and 76 new lows.