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Indexes up: Dow 0.31%, S&P 500 0.27%, Nasdaq 0.21%

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Pinterest ( PINS ) falls after missing Q2 profit estimates

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Fed's Alberto Musale due to speak later in the day

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Trade Desk ( TTD ) slumps after slower Q2 revenue growth

(Updates with analyst comment, market open prices)

By Nikhil Sharma and Pranav Kashyap

Aug 8 (Reuters) - Wall Street rose on Friday, setting up

a strong finish to the week, after President Donald Trump's

interim pick for a Fed governor post fueled expectations of a

more dovish policy ahead.

At 9:34 a.m. ET, the Dow Jones Industrial Average

rose 134.42 points, or 0.31%, to 44,103.06, the S&P 500

gained 17.22 points, or 0.27%, to 6,357.22 and the Nasdaq

Composite advanced 44.83 points, or 0.21%, to 21,287.53.

Trump moved to reshape the Fed on Thursday, nominating

Council of Economic Advisers' chair Stephen Miran for a

short-term board seat after Adriana Kugler's abrupt exit-and

narrowing his shortlist to replace Jerome Powell, whose term

ends May 15.

On the same day, Bloomberg News reported that Fed Governor

Christopher Waller was emerging as a leading contender for the

chair.

Investors were being whipsawed by mixed signals over the

Fed's future, as Trump's pressure stirs worries about the

central bank's independence and a potential leadership reshuffle

that could skew policy looser.

"The reality is the president can't force a chair to

step down or put any additional pressure to make the governors

to force rates lower. This is about him putting in folks who are

going to be more dovish and ultimately (lead) to deeper rate

cuts, whether they're justified or not," said Phil Blancato,

CEO, Ladenburg Thalmann Asset Management.

In earnings-related moves, Expedia ( EXPE ) leapt 9.7% after

raising its annual forecast for gross bookings and revenue

growth.

Monster Beverage ( MNST ) gained 9% as the company

beat

estimates for its second-quarter results.

Gilead Sciences ( GILD ) jumped 8.9% following its

raising

of the full-year financial outlook.

Trade Desk ( TTD ) sank 38% in after the ad-tech firm

reported a sharp slowdown in second-quarter revenue growth.

Pinterest ( PINS ) tumbled 11.5% as the social media

platform missed analysts' estimates for second-quarter profit.

Sector-wise, consumer discretionary could top the

leaderboard this week, while healthcare lags, weighed

down mainly by Eli Lilly. The drugmaker fell 14.1% in the

previous session after results from a late-stage study on its

experimental GLP-1 pill fell behind that of Novo Nordisk's

.

On the day, all sectors were trading in the green.

Meanwhile, both the S&P 500 and the Nasdaq were on track

for their best week in over a month, while the Dow was on track

to log modest gains. Equities have ridden a dramatic reset in

rate expectations and a flurry of upbeat earnings.

Traders now peg a 90% chance of the first rate cut hitting

next month, according CME's Fedwatch tool, with futures pointing

to at least two cuts by year-end.

U.S. tariffs on a bunch of trading partners took effect at

midnight on Thursday. Tokyo's trade negotiator said Washington

will amend a presidential executive order to remove overlapping

tariffs on Japanese goods, terming it as oversight.

In a rebuke to Washington, New Delhi shelved fresh U.S.

arms and aircraft purchases, according to three Indian

officials, after Trump-era tariffs pushed relations to their

lowest point in years.

St. Louis Fed President Alberto Musalem is scheduled to

speak later at 10:20 a.m. ET.

Advancing issues outnumbered decliners by a 2.33-to-1 ratio

on the NYSE and by a 1.63-to-1 ratio on the Nasdaq.

The S&P 500 posted 11 new 52-week highs and two new

lows, while the Nasdaq Composite recorded 38 new highs and 32

new lows.