S&P 500 touches 6,000 as Trump win, rate-cut rally continues
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Airbnb, Pinterest fall after results
Indexes set for weekly gains
China ADRs slip after stimulus measures
Indexes: Dow up 0.63%, S&P 500 up 0.42%, Nasdaq flat
Updated at 1:00 p.m. ET/ 1800 GMT
By Lisa Pauline Mattackal and Ankika Biswas
Nov 8 (Reuters) -The S&P 500 briefly touched the 6,000 mark and was set to log its 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.
Both the S&P 500 and the Dow .DJI are set for their best week since last November, while the Nasdaq .IXIC 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 .SPX and the Dow notch intraday record highs for the third straight session.
The upbeat sentiment got a boost from the Federal Reservecutting 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 .RUT rose 0.4% on the day, also set for its best week in four years.
"Most people prior to the election de-risked, they cut equity exposure. After the election as the market started to rally, people came back in ... that's what's driven us toward 6,000," said Jim Caron, CIO, cross-asset solutions at Morgan Stanley Investment Management.
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.
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 12:58 p.m. the Dow Jones Industrial Average .DJI rose 277.48 points, or 0.63%, to 44,006.82, the S&P 500 .SPX gained 24.83 points, or 0.42%, to 5,997.93, and the Nasdaq Composite .IXIC gained 2.37 points, or 0.01%, to 19,271.83.
Rate-sensitive technology stocks .SPLRCT eased 0.4%, while materials .SPLRCM was the biggest decliner. However, the utilities .SPLRCU and real estate .SPLRCR sectors gained more than 1% each.
Shares of chipmaker Nvidia NVDA.O 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.O dropped 8.2% after missing third-quarter profit estimates, while Pinterest PINS.N 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 JD.O and Alibaba BABA.K 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.
S&P 500 Futures https://reut.rs/3Cjg5Na
US inflation and interest rates https://reut.rs/4fhWbAy
Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta
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