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Bumble slides after slashing FY revenue growth forecast

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Eli Lilly ( LLY ) gains after lifting annual sales forecast

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Under Armour ( UAA ) rallies on better-than-feared Q1 results

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Monster Beverage ( MNST ) slumps on dour Q2

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Indexes up: Dow 1.52%, S&P 500 1.91%, Nasdaq 2.23%

(Updated at 11:28 a.m. ET/1528 GMT)

By Shubham Batra and Shashwat Chauhan

Aug 8 (Reuters) - Wall Street's main indexes rose nearly

2% on Thursday, bolstered by a better-than-expected jobs report

that eased worries of an imminent slowdown in the world's

largest economy.

Data showed the number of new applications last week for

unemployment benefits fell more than expected, suggesting the

fear that the labor market was unraveling was overblown.

Most megacap and growth stocks advanced, stabilizing after a

free fall on Monday as a disappointing jobs report for the month

of July sparked fears of a potential recession. Nvidia ( NVDA )

led the gains with a 4.4% surge.

"Just because the labor market is cooling off doesn't mean

we're entering into a recession. While there has been renewed

worry about the labor market, we believe it's overblown," said

Skyler Weinand, chief investment officer at Regan Capital.

All major S&P sectors were trading higher, with information

technology and communication services

leading gains.

Global markets are also recovering from a rout earlier this

week amid heightened volatility.

Earlier in the day, J.P.Morgan raised the odds of a U.S.

recession by the end of this year to 35% from 25%, citing easing

labor market pressures.

The Nasdaq closed 1% lower in the previous session,

as tech stocks lost steam after a brief rebound following the

global stocks rout triggered by an interest rate hike by the

Bank of Japan, and weak demand in a 10-year Treasury auction.

At 11:28 a.m. the Dow Jones Industrial Average rose

589.53 points, or 1.52%, to 39,352.98, the S&P 500 gained

99.37 points, or 1.91%, to 5,298.87 and the Nasdaq Composite

gained 360.42 points, or 2.23%, to 16,556.23.

On the earnings front, Eli Lilly ( LLY ) jumped 7.9% after

the drugmaker raised its annual profit forecast, and sales of

its popular weight-loss drug Zepbound crossed $1 billion for the

first time in a quarter.

Under Armour ( UAA ) surged 19.2% after the sports apparel

maker posted a surprise first-quarter profit, benefiting from

its efforts to cut inventory and promotions.

Bumble slashed its annual revenue growth forecast,

stoking worries about the dating app operator's growth plans,

sending its shares down 32.6%.

Warner Bros Discovery ( WBD ) dropped 8.8% after it wrote

down the value of its TV assets due to the uncertainty of fees

from cable and satellite distributors and sports rights

renewals.

Monster Beverage ( MNST ) lost 10.8% after the energy drinks

maker missed market expectations for second-quarter sales as

budget-conscious consumers kept a tight lid on spending.

Markets will now focus on comments from Richmond Fed

President Thomas Barkin, who will be speaking at 3 p.m. ET, for

any clues on the U.S. central bank's next move.

Advancing issues outnumbered decliners by a 3.76-to-1 ratio

on the NYSE and 2.57-to-1 ratio on the Nasdaq. There were 25 new

highs and 42 new lows on the NYSE.

The S&P 500 posted three new 52-week highs and three new

lows, while the Nasdaq Composite recorded 18 new highs and 130

new lows.