U.S. stocks finished mixed as the Dow and S&P 500 were weighed down by fears related to rising COVID-19 lockdowns in Europe while techs forged ahead.
The Nasdaq Composite hit a fresh record, closing above 16,000 for the first time, while the Dow Jones Industrial Average slipped 268.97 points or 0.75% and the S&P 500 fell 0.14%. Friday marked the worst day for the Dow since Oct. 4.
Oil also hit the skids, finishing down 3.7% at $76.10, the lowest level since Oct. 1.
In the world of politics, House Democrats passed the $1.75 trillion Build Back Better spending plan to improve America’s roads and bridges. The plan also includes $150 billion for affordable housing.
Investors are also still awaiting a decision from President Biden on whether Jerome Powell will get tapped for a second term as the Federal Reserve chair, or whether his colleague Lael Brainard will get the nod. White House Press Secretary Jenn Pskai indicated a decision will come early next week.
In earnings news, Footlocker, which wraps a busy week of retail earnings, slumped, Friday after warning that supply chain issues will remain through the holiday season.
“We expect global supply chain constraints to persist throughout the fourth quarter; that said, we believe we are positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand,” said Andrew Page, Executive Vice President and Chief Financial Officer.
Meanwhile, retailer Buckle beat profit and revenue estimates for the third quarter.
Moderna shares got a pop after the FDA cleared its COVID-19 vaccine booster for all adults 18 and over, putting other pharma companies in the spotlight.
Micron shares had the best day since June on a bullish recommendation from Evercore.
Elsewhere, Japan announced a major stimulus move to jumpstart that country’s economy which has been weakened by the coronavirus pandemic. Japan’s prime minister outlined Friday a record 56 trillion yen, or $490 billion stimulus package, including cash handouts and aid to ailing businesses.
Japan’s government reported October consumer inflation eased to 0.1% over a year earlier from the previous month’s 0.2%.
