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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 0.18%, S&P 0.11%, Nasdaq 0.33%

(Updated at 10:01 a.m. ET/1401 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 allayed worries around potential rate hikes, 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 58% chance of the first rate cut of at

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

have priced in a greater 68.4% chance of a cut in November,

according to CME FedWatch tool.

"The outcome of the (Fed) statement, plus the press

conference was for slightly more rate cuts to be priced in, not

necessarily sooner, but by the end of the year," said Brian

Nick, senior investment strategist at the Macro Institute.

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 rose 1.6% in March, in line with expectations of

economists polled by Reuters.

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 310 companies in the S&P 500 that have reported

earnings as of Wednesday, 77.4% have surpassed earnings

estimates, compared with the historical average of 67%,

according to LSEG data.

At 10:01 a.m. ET, the Dow Jones Industrial Average

rose 69.56 points, or 0.18%, to 37,972.85, the S&P 500

gained 5.60 points, or 0.11%, to 5,023.99, and the Nasdaq

Composite gained 51.79 points, or 0.33%, to 15,657.28.

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

with information technology and consumer discretionary

stocks among top gainers.

Apple ( AAPL ) gained 1.1% ahead of the iPhone maker's

quarterly results due after the closing bell.

Qualcomm ( QCOM ) gained nearly 9% after the smartphone

chips supplier forecast quarterly sales and adjusted profit

above Wall Street expectations.

Carvana ( CVNA ) surged 35.5% as the used-car seller

forecast a surprise rise in current-quarter retail sales and

core profit.

MGM Resorts ( MGM ) added 3.3% after the casino operator

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

its China operations.

DoorDash ( DASH ) lost 13.3% as the food delivery firm

projected second-quarter core profit below estimates.

Etsy ( ETSY ) shed 16.3% after the online marketplace missed

Wall Street expectations for first-quarter gross merchandise

sales and profit.

Advancing issues outnumbered decliners for a 1.84-to-1 ratio

on the NYSE and a 1.36-to-1 ratio on the Nasdaq.

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

while the Nasdaq recorded 40 new highs and 42 new lows.