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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: Dow up 0.57%, S&P 500 up 0.34%, Nasdaq down 0.06%

(Updated at 11:46 a.m. ET/ 1646 GMT)

By Lisa Pauline Mattackal and Ankika Biswas

Nov 8 (Reuters) - The S&P 500 index inched closer to the

6,000 mark and the Dow gained on Friday, 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.

Both the indexes 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.

Expectations of lower corporate taxes and looser regulations

under Republican Donald Trump helped the benchmark index

and Dow notch intraday record highs for the third

straight session.

The upbeat sentiment got a boost from the Federal Reserve

cutting the benchmark rate by 25 basis points on Thursday, with

Chair Jerome Powell saying that the election outcome would not

have a "near-term" impact on the monetary policy.

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

set for its best week in four years.

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 lifting inflation.

"The VIX has also gone down a ton - that means that there's

a lot of optimism out there," said Ryan Dykmans, chief

investment officer at Dunham & Associates Investment Counsel.

The markets may be underpricing the risk of higher inflation

and interest rates, he said. "I'm still of the camp that the

next seven or eight months worth of (Fed) cuts are very

uncertain."

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.

At 11:46 a.m. the Dow Jones Industrial Average rose

248.48 points, or 0.57%, to 43,977.82, the S&P 500 gained

20.53 points, or 0.34%, to 5,993.63 and the Nasdaq Composite

lost 11.08 points, or 0.06%, to 19,258.38.

Rate-sensitive technology stocks eased 0.2%, while

materials was the biggest decliner. However, the

utilities and real estate sectors gained

more than 1% each.

Shares of chipmaker Nvidia ( NVDA ) dipped 1.1% after the AI

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

in market value on Thursday.

Airbnb ( ABNB ) dropped 8.2% after missing third-quarter

profit estimates, while Pinterest ( PINS ) slumped 16% 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 6%

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 1.48-to-1 ratio

on the NYSE and by a 1.06-to-1 ratio on the Nasdaq.

The S&P 500 posted 76 new 52-week highs and seven new lows

while the Nasdaq Composite recorded 162 new highs and 81 new

lows.