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Qualcomm's ( QCOM ) upbeat Q3 forecast boosts chips, Nasdaq

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Apple ( AAPL ) results awaited

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April jobs report comes into focus

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Indexes up: Dow 0.77%, S&P 0.82%, Nasdaq 1.36%

(Updates to 14:11 EDT)

By Stephen Culp

NEW YORK May 2 (Reuters) -

U.S. stocks rallied on Thursday as investors dissected the

Federal Reserve's interest rate guidance on Wednesday, a

plethora of earnings and economic data.

All three indexes were higher, with the tech-heavy Nasdaq

enjoying a healthy boost from chip stocks after Qualcomm ( QCOM )

reported quarterly sales and profit above analyst

expectations.

Investors continue to parse Fed Chair Jerome Powell's

assurances on Wednesday that the central bank's next policy move

will be to lower its key policy rate, after it left rates

unchanged at the end of its monthly meeting. However, he noted

that recent strong inflation readings have suggested that first

of these rate cuts could be a long time in coming.

"The takeaway from yesterday is that the Fed's bias is

still a downward, hold steady or cut rates," said Paul Nolte,

senior wealth advisor and market strategist at Murphy & Silvest

in Elmhurst, Illinois. "They're not willing to raise rates from

here. They'll keep rates steady, and any sign of economic

weakness or lower inflation, they are going to be ready to jump

on it and cut."

Data released on Thursday included muted jobless claims, a

drop in planned layoffs, a surge in quarterly labor costs and a

sharp deceleration in productivity, all of which throws focus on

Friday's much anticipated April employment report.

The Organization for Economic Cooperation and Development

(OECD) upgraded its global growth outlook, thanks in part to the

U.S. economy's resilience.

First-quarter earnings season has rounded the corner, with

373 of the companies in the S&P 500 having reported. Of those,

77% have posted better-than-expected results, according to LSEG

data.

"The common theme (this quarter) is those companies that

are beating expectations aren't really being rewarded as much as

they have in prior quarters," Nolte added. "And those that are

missing expectations are getting shellacked."

Among individual stocks, Qualcomm ( QCOM ) advanced 9.0% following

its earnings beat.

Shares of used car platform Carvana ( CVNA ) surged 32.2% on

its upbeat profit forecast.

But disappointing profit guidance sent DoorDash's ( DASH )

stock down 10.7%.

Etsy ( ETSY ) shares slid 15.6% after the online marketplace

missed Wall Street expectations for first-quarter gross

merchandise sales and profit.

Peloton dropped 10.0% after the fitness equipment

maker's CEO stepped down and the company announced a 15% cut to

its global workforce.

Apple Inc's ( AAPL ) shares rose 1.9% ahead of its quarterly

results expected after the bell.

At 2:11 p.m. ET, the Dow Jones Industrial Average

rose 292.4 points, or 0.77%, to 38,195.69. The S&P 500

gained 40.91 points, or 0.82%, at 5,059.3 and the Nasdaq

Composite added 211.87 points, or 1.36%, at 15,817.35.

Among the 11 major sectors of the S&P 500, nine were in

the green, with consumer discretionary stocks leading

the pack.

Materials were the laggards.

Advancing issues outnumbered decliners on the NYSE by a

3.60-to-1 ratio; on Nasdaq, a 2.32-to-1 ratio favored advancers.

The S&P 500 posted 13 new 52-week highs and seven new lows;

the Nasdaq Composite recorded 49 new highs and 76 new lows.