US STOCKS-Wall St set to open higher as Fed allays rate-hike concerns

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

*

Qualcomm gains on upbeat Q3 forecast

*

DoorDash slides after dour Q2 core profit forecast

*

Futures up: Dow 0.57%, S&P 0.76%, Nasdaq 0.95%

(Updated at 08:36 a.m. ET/1236 GMT)

By Shristi Achar A and Shashwat Chauhan

May 2 (Reuters) - U.S. stocks were poised for a higher open on Thursday, a day after the Federal Reserve left interest rates unchanged and allayed worries around potential rate hikes, with focus moving to a spate of earnings reports through the day.

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 55.4% 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 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 Labor Department's jobless claims report showed initial claims for unemployment benefits stood at 208,000 in the week ending April 27, against estimates of 212,000 according to 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. Investors, on Thursday, will also keep an eye out for March factory orders data at 10 a.m. ET.

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 08:36 a.m. ET, Dow E-minis were up 216 points, or 0.57%, S&P 500 E-minis were up 38.25 points, or 0.76%, and Nasdaq 100 E-minis were up 165.5 points, or 0.95%.

Among individual stocks, Qualcomm gained nearly 6% in premarket trading after the smartphone chips supplier forecast quarterly sales and adjusted profit above Wall Street expectations.

Carvana surged 37.3% as the used-car seller forecast a surprise rise in current-quarter retail sales and core profit.

MGM Resorts International added 6.7% after the casino operator beat first-quarter Wall Street estimates, driven by strength in its China operations.

DoorDash lost 7.4% as the food delivery firm projected second-quarter core profit below estimates.

Etsy shed 14.8% after the online marketplace missed Wall Street expectations for first-quarter gross merchandise sales and profit.

Peloton jumped 14.9% after the fitness equipment maker's CEO stepped down and the company announced a 15% cut to its global workforce. (Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta)