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Weekly jobless claims rise more than expected

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Roblox ( RBLX ) slumps after bookings forecast cut

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Focus on next week's inflation readings

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Indexes up: Dow 0.47%, S&P 0.35%, Nasdaq 0.27%

(Updated at 11:21 a.m. ET/1521 GMT)

By Sruthi Shankar and Shristi Achar A

May 9 (Reuters) - The main U.S. stock indexes rose on

Thursday as weekly jobless claims data offered fresh evidence of

a softening U.S. labor market and renewed hopes that the Federal

Reserve will cut interest rates this year.

After a sluggish open, the benchmarks pulled higher in

morning trade, with megacap stocks Amazon ( AMZN ), Microsoft ( MSFT )

and Alphabet in the lead.

The number of Americans filing new claims for

unemployment benefits increased more than expected to a

seasonally adjusted 231,000 last week, data

showed

. Economists polled by Reuters had forecast 215,000 claims.

"I would consider jobless claims a Fed friendly data,

moving in the right direction towards slowing the economy which

should help bring down inflation," said Charlie Ripley, senior

investment strategist for Allianz Investment Management.

Last week's data showing

slowing job growth

in April and

job openings

falling to a three-year low in March had investors pricing

in one or two rate cuts by the Fed this year. Prior to that,

traders were pricing in just one rate cut.

The focus will shift to next week's producer and

consumer prices readings as well as comments from Fed

policymakers for clues on the U.S. rate path. San Francisco Fed

President Mary Daly is scheduled to speak later in the day.

At 11:21 a.m. the Dow Jones Industrial Average

rose 183.76 points, or 0.47%, to 39,240.15, the S&P 500

gained 18.38 points, or 0.35%, to 5,206.05 and the Nasdaq

Composite gained 44.74 points, or 0.27%, to 16,347.49.

Ten of the 11 major S&P sectors rose, led by a 1.7% rise

in the real estate index. Data center operator Equinix ( EQIX )

surged 11.3% after its first-quarter results.

On the flip side, chip designer Arm Holdings dipped

almost 2% as its full-year revenue forecast came in below

expectations. Bigger rival Nvidia ( NVDA ) slipped 0.9%.

Roblox ( RBLX ) slumped 22% after the video-gaming platform

cut its annual bookings forecast, in a sign that people were

dialing back spending amid an uncertain economic outlook and

elevated levels of inflation.

Robinhood Markets ( HOOD ) edged up 0.4% after the online

brokerage beat estimates for first-quarter profit, thanks to

robust crypto trading volumes and rate hikes that boosted its

net interest revenue.

Advancing issues outnumbered decliners by a 2.6-to-1

ratio on the NYSE and a 1.71-to-1 ratio on the Nasdaq.

The S&P 500 posted 26 new 52-week highs and two new lows

while the Nasdaq recorded 109 new highs and 57 new lows.