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Airbnb ( ABNB ), Pinterest ( PINS ) fall after results

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Indexes set for weekly gains

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China ADRs slip after stimulus measures

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Indexes up: Dow up 0.23%, S&P 500 0.19%, Nasdaq 0.02%

(Updated at 9:47 a.m. ET/1447 GMT)

By Lisa Pauline Mattackal and Ankika Biswas

Nov 8 (Reuters) - The S&P 500 and the Dow edged higher

on Friday, putting them on course for their best week this year,

as a sweeping Trump victory powered bets of a business-friendly

agenda and an expected interest-rate cut eased pressure on the

U.S. economy.

Expectations of lower corporate taxes and looser regulations

under Republican Donald Trump helped the S&P 500 and Dow

notch intraday record highs for the third straight

session.

The benchmark index crept close to the 6,000 mark as the

upbeat market sentiment got a further boost from the Federal

Reserve cutting the benchmark rate by 25 basis points on

Thursday.

Chair Jerome Powell said the election outcome would not have

a "near-term" impact on the monetary policy, easing some

immediate worries of higher inflation and public debt from

Trump's potentially high spending plans.

The Dow and the S&P 500 are set for their best

week since last November, while the Nasdaq is on track

for its best in two months and second-best week in 2024.

"The move this week in stocks was extreme, and speaks

volumes about just how much the market loves having certainty,

which we have, now that the presidential election outcome is

known," said Clark Geranen, chief market strategist, CalBay

Investments.

"The S&P 500 closing in on the 6,000 mark could invite even

more investor interest in stocks, since there is still plenty of

money sitting on the sidelines in money market funds and in

bonds."

Traders, however, have already cut expectations for rate

cuts next year and bond yields have jumped to multi-month highs

on worries of complications to the Fed's monetary easing path

from Trump's expansionary policies.

Powell said the central bank would begin estimating the

impact on its twin goals of stable inflation and maximum

employment when the new administration's proposals take shape.

The small cap Russell 2000 rose 0.2% on the day, also

set for its best week since last November.

The Dow Jones Industrial Average rose 98.82 points,

or 0.23%, to 43,828.16, the S&P 500 gained 11.60 points,

or 0.19%, to 5,984.70 and the Nasdaq Composite gained

3.17 points, or 0.02%, to 19,272.63.

Rate sensitive technology stocks eased 0.2%, while

materials was the biggest decliner. However, the

utilities and real estate sectors gained

about 1% each.

Shares of chipmaker Nvidia ( NVDA ) dipped 0.5% after the AI

pioneer became the first in history to surpass a $3.6 trillion

in market value on Thursday.

Airbnb ( ABNB ) dropped 7.8% after missing third-quarter

profit estimates, while Pinterest ( PINS ) slumped 13.7% after a

disappointing revenue forecast.

U.S.-listings of Chinese companies lost ground as the

government's latest fiscal support measures failed to impress

investors. JD.com and Alibaba fell around 4.5%

each.

Investors are also keeping an eye on a likely "Red Sweep"

as Republicans were set to keep their narrow lead in the House

of Representatives after winning control of the Senate. That

would make it easier for Trump to enact his legislative plans.

Advancing issues outnumbered decliners by a 1.32-to-1 ratio

on the NYSE and by a 1.08-to-1 ratio on the Nasdaq.

The S&P 500 posted 44 new 52-week highs and six new lows

while the Nasdaq Composite recorded 103 new highs and 47 new

lows.