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GM up on FY forecast raise, Q1 beat

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JetBlue ( JBLU ) slides after cutting FY rev forecast

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Indexes up: Dow 0.59%, S&P 1.07%, Nasdaq 1.43%

(Updated at 11:20 a.m. ET/1520 GMT)

By Shristi Achar A and Shashwat Chauhan

April 23 (Reuters) - Wall Street's main indexes advanced

on Tuesday as growth and chip shares gained, while stocks like

General Motors ( GM ) and Spotify rose on upbeat earnings updates ahead

of quarterly reports from big technology companies.

Megacap growth stocks including Meta Platforms ( META ),

Microsoft ( MSFT ) and Alphabet gained between 1.4%

and 2.6%. The tech majors are scheduled to report their

quarterly numbers this week, with Tesla kicking off the

cycle after markets close on Tuesday.

Rising chip stocks also offered support to equities, with

Nvidia ( NVDA ), Micron Technology ( MU ) and Advanced Micro

Devices ( AMD ) up between 2.5% and 3.3%.

On the earnings front, General Motors ( GM ) advanced 4.6%

after the automaker posted quarterly results above Wall Street

targets and raised its annual forecast.

Spotify jumped 14.1% after the Swedish music

streaming company's quarterly gross profit topped 1 billion

euros ($1.1 billion) for the first time.

GE Aerospace

rose 6.2% after the aerospace giant raised its

full-year profit forecast.

Danaher ( DHR )

gained 7% after the life sciences firm beat

quarterly profit and sales expectations.

On the flipside, JetBlue ( JBLU ) plunged 17.2% as the

low-cost airline trimmed its annual revenue forecast after

reporting lukewarm first-quarter revenue.

"Some of the commentary has come off about the macro

environment and people are now more focused on the earnings,"

said Brent Schutte, chief investment officer at Northwestern

Mutual Wealth Management Company.

"The outlook has remained fairly solid in the early

innings of the earnings reports. This week is huge and it will

set the tone for how we do in the next few."

Of the 102 S&P 500 companies that have reported so far,

79.4% came in above analyst expectations, as per LSEG I/B/E/S

data.

Lifting equities further, data showed

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.

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, with the focus

now shifting to the Personal Consumption Expenditures (PCE)

index reading for March 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.

At 11:20 a.m. ET, the Dow Jones Industrial Average

was up 226.15 points, or 0.59%, at 38,466.13, the S&P 500

was up 53.38 points, or 1.07%, at 5,063.98, and the

Nasdaq Composite was up 221.35 points, or 1.43%, at

15,672.66.

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

with communication services amongst top gainers, up

1.7%.

Among other stocks, Hibbett ( HIBB ) surged 19.1% as JD

Sports Fashion proposed to buy the athletic fashion

retailer for about $1.08 billion.

Advancing issues outnumbered decliners by a 5.56-to-1 ratio

on the NYSE and by a 3.28-to-1 ratio on the Nasdaq.

The S&P index recorded nine new 52-week highs and one new

low, while the Nasdaq recorded 30 new highs and 64 new lows.