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Airbnb ( ABNB ) slides after forecasting Q3 revenue below estimates

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Fortinet ( FTNT ) jumps after raising FY revenue forecast

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Charles River slides after cutting FY forecasts

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Indexes up: S&P 500 1.2%, Nasdaq 1.7%, Dow 0.7%

(Updated at 9:35 a.m. ET/ 1335 GMT)

By Shubham Batra and Shashwat Chauhan

Aug 7 (Reuters) - Wall Street's main indexes advanced on

Wednesday, aided by a dovish turn by Japan's top policymaker

after a surprise interest rate hike last week which partly

sparked heavy volatility in global markets.

Global equity markets gained after Bank of Japan (BOJ)

Deputy Governor Shinichi Uchida said the central bank would not

raise interest rates when financial markets are unstable,

pushing the yen lower and boosting market sentiment.

The BOJ's surprise rate hike on July 31 to a level unseen in

15 years had led to a surge in the low-yielding yen, widely used

for acquiring high-yielding assets such as stocks, and sparked a

global stocks rout as investors unwound their sharp currency

carry trade positions.

"Like many trades that get "crowded", people start to take

advantage that it's an easy way to make money and that tends to

end badly," said JJ Kinahan, CEO of IG Group North America.

"Things got really overdone really quickly and now, cooler

heads are prevailing."

The CBOE Volatility index, also known as Wall

Street's fear gauge, declined to 22.84 points, from a high of

65.73 on Monday.

At 09:35 a.m. ET, the Dow Jones Industrial Average

rose 285.67 points, or 0.73%, to 39,279.77, the S&P 500

gained 64.26 points, or 1.23%, to 5,304.29 and the Nasdaq

Composite gained 282.80 points, or 1.73%, to 16,649.66.

Big technology names such as Nvidia ( NVDA ) and Amazon.com ( AMZN )

continued their recovery after falling sharply on

Monday, rising about 3% and 2.3%, respectively.

Ten of the 11 major S&P sectors were trading higher, with

information technology and energy leading

gains.

The S&P 500 and the Nasdaq ended Tuesday more than 1% higher

as comments from Federal Reserve officials eased worries of a

U.S. recession and the spotlight shifted back to earnings.

Fortinet ( FTNT ) jumped 21.9% after the cybersecurity firm

raised its annual revenue forecast.

On the flipside, Airbnb ( ABNB ) slid 14.1% after the

company forecast third-quarter revenue below estimates and

warned of shorter booking windows, suggesting travelers were

waiting until the last minute to book due to economic

uncertainty.

Super Micro Computer ( SMCI ) lost 13.6% after reporting

quarterly adjusted gross margins below estimates. Rival Dell

Technologies ( DELL ) dropped 5.3%.

Amgen ( AMGN ) fell 3.1% as its second-quarter profit

slipped 1% on higher expenses that offset a 20% increase in

revenue.

Charles River Laboratories ( CRL ) slipped 12% after the

contract research firm trimmed its annual forecast, as it no

longer expects demand for its drug discovery and development

services to improve in the second half of the year.

The markets now await more commentary on monetary policy

from U.S. central bank officials next week, in the run-up to the

Jackson Hole event where Fed Chair Jerome Powell is scheduled to

speak.

Advancing issues outnumbered decliners by a 5.51-to-1 ratio

on the NYSE and by a 3.74-to-1 ratio on the Nadaq.

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

while the Nasdaq Composite recorded 19 new highs and 26 new

lows.

(Reporting by Shubham Batra and Shashwat Chauhan in Bengaluru;

Editing by Sriraj Kalluvila and Shinjini Ganguli)