U.S. stocks ended up mixed as the Dow and S&P 500 were weighed down by fears of rising COVID-19 lockdowns in Europe as techs moved forward.
The Nasdaq Composite hit a new record, closing above 16,000 for the first time, while the Dow Jones Industrial Average lost 268.97 points, or 0.75%, and the S&P 500 fell 0.14%. Friday was the worst day for the Dow since October 4th.
|Me: DJI||DOW JONES AVERAGE VALUES||35601.98||-268.97||-0.75%|
|Me: COMP||NASDAQ COMPOSITE INDEX||16057.43748||+63.73||+ 0.40%|
Oil also slipped, dropping 3.7% to $ 76.10, its lowest level since October 1st.
|USE||UNITED STATES OIL FUND LP||53.78||-1.77||-3.19%|
In the political world, House Democrats passed a $ 1.75 trillion “Build Back Better” spending plan.
In addition, investors are awaiting a decision from President Biden whether Jerome Powell will be elected for a second term as chairman of the Federal Reserve or whether his colleague Lael Brainard will get the nod. White House press secretary Jenn Pskai announced that a decision will be made early next week.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
On the earnings news, Footlocker, who ended a busy week of retail profits, slumped on Friday after warning that supply chain issues will persist over the holiday season.
“We expect global supply chain constraints to persist in the fourth quarter. However, we believe we are well positioned for the holiday season, with positive momentum and inventories ready to meet customer demand,” said Andrew Page. Executive Vice President and Chief Financial Officer.
|FL||FOOT LOCKER, INC.||50.68||-6.88||-11.95%|
|BKE||THE BUCKLE, INC.||50.25||-3.50||-6.51%|
Meanwhile, retailer Buckle beat third-quarter earnings and sales estimates.
|MRNA||MODERNA, INC.||263.78||+12.37||+ 4.92%|
|BNTX||BIONTECH SE||289.75||+15.69||+ 5.72%|
Moderna stocks got a boost after the FDA released its COVID-19 vaccine booster to all adults ages 18 and older, putting other drug companies in the spotlight.
Micron stock had its best day since June on a bullish recommendation from Evercore.
|MU||MICRON TECHNOLOGY, INC.||83.03||+6.01||+ 7.80%|
JAPAN PROPOSES RECORD STIMULUS PACKAGE TO REDUCE THE SMALL ECONOMY
Elsewhere, Japan announced a major stimulus to the business Which was weakened by the Coronavirus Pandemic. Japan’s prime minister on Friday announced a record package of 56 trillion yen, or $ 490 billion, including cash spending and aid to troubled businesses.
The Japanese government announced that consumer inflation fell to 0.1% in October, from 0.2% in the previous month.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Ken Martin of FOX Business and The Associated Press contributed to this report.