Nasdaq nabs 16K as techs trump cyclicals

The Nasdaq closed above 16,000 for the first time

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.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35227.03 +646.95 +1.87%
SP500 S&P 500 4591.67 +53.24 +1.17%
I:COMP NASDAQ COMPOSITE INDEX 15225.152466 +139.68 +0.93%

Oil also hit the skids, finishing down 3.7% at $76.10, the lowest level since Oct. 1.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 50.49 +2.49 +5.19%

In the world of politics, House Democrats passed the $1.75 trillion Build Back Better spending plan.

In addition, investors are 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. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In earnings news, Footlocker, which wrapped up 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.

Ticker Security Last Change Change %
FL FOOT LOCKER, INC. 44.07 +0.10 +0.23%
BKE THE BUCKLE, INC. 48.07 +1.19 +2.54%

Meanwhile, retailer Buckle beat profit and revenue estimates for the third quarter.

Ticker Security Last Change Change %
MRNA MODERNA, INC. 265.33 -41.39 -13.49%
PFE PFIZER INC. 51.48 -2.79 -5.14%
BNTX BIONTECH SE 279.83 -64.23 -18.67%

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. 

Ticker Security Last Change Change %
MU MICRON TECHNOLOGY, INC. 82.45 +0.83 +1.02%

JAPAN PROPOSES RECORD STIMULUS PACKAGE TO FIX AILING ECONOMY

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%.

CLICK HERE TO READ MORE ON FOX BUSINESS

FOX Business' Ken Martin and The Associated Press contributed to this report.