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Investors evaluate Trump interim pick for Fed governor

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Gilead jumps on full-year outlook raise

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Indexes up: Dow 0.6%, S&P 500 0.8%, Nasdaq 0.9%

(Updates to afternoon)

By Caroline Valetkevitch

NEW YORK, Aug 8 (Reuters) - U.S. stocks were higher on

Friday as technology shares, including Apple ( AAPL ), gained and as

investors were optimistic about expectations for rate cuts this

year.

The three major indexes were also on track for solid

gains for the week.

Apple ( AAPL ) shares climbed 4.6%, adding to recent gains.

Earlier this week, U.S. President Donald Trump said Apple ( AAPL ) would

invest an additional $100 billion in the U.S., bringing its

total commitment to $600 billion over the next four years.

The S&P 500 technology index rose 1.3%.

Also helping the S&P 500, shares of Gilead Sciences ( GILD )

rose 8.1% after it raised its full-year financial outlook.

Recent weaker economic data has underpinned expectations

for rate cuts, while investors are evaluating Trump's interim

pick for a Federal Reserve governor.

The president late in Thursday's session nominated Council

of Economic Advisers Chair Stephen Miran to a short-term board

seat following Adriana Kugler's abrupt exit last week, as he

narrowed his shortlist to succeed Fed Chair Jerome Powell, whose

term ends on May 15.

Miran, who is often aligned with Trump, has previously

suggested Powell was "too late" in lowering rates.

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

hitting next month, according to CME Group's Fedwatch tool, with

futures pointing to at least two cuts by year-end.

"There are certainly investors who think if the Fed is going

to cut rates then the overarching theme is, don't fight the Fed

on lower rates," said Rick Meckler, partner at Cherry Lane

Investments, a family investment office in New Vernon, New

Jersey.

"The other side of the equation has really been the tariffs,

and how the tariffs turn out remains uncertain. They are still

being negotiated, and I don't think too many people want to be

short knowing there could be quick reversals on any of the

tariff decisions that now seem problematic."

The Dow Jones Industrial Average rose 259.17 points,

or 0.59%, to 44,227.81, the S&P 500 gained 52.39 points,

or 0.83%, to 6,392.39 and the Nasdaq Composite gained

200.15 points, or 0.94%, to 21,442.85.

Trump's higher tariffs on imports from dozens of countries

kicked in this week.

Investors also monitored U.S.-India trade relations as New

Delhi shelved fresh U.S. arms and aircraft purchases, according

to three Indian officials, after Trump hiked tariffs on Indian

exports to 50% this week.

Shares of Expedia ( EXPE ) rose 3.1% after the company

raised its annual forecast for gross bookings and revenue

growth.

Advancing issues outnumbered decliners by a 1.41-to-1 ratio

on the NYSE. There were 233 new highs and 74 new lows on the

NYSE.

On the Nasdaq, 2,376 stocks rose and 2,052 fell as advancing

issues outnumbered decliners by a 1.16-to-1 ratio.

(Additional reporting by Nikhil Sharma and Pranav Kashyap in

Bengaluru; Editing by Maju Samuel)