Covid concerns weigh on Dow, S&P 500; Nasdaq sets a record

  • Travel stocks fell as coronavirus cases surged in Europe
  • home equity gains
  • Apple set a record for optimism on Black Friday
  • Intuition rises as expectations rise
  • Indices: Dow Jones down 0.47%, Standard & Poor’s 0.12%, Nasdaq 0.72%

(Reuters) – The Dow Jones fell and the S&P 500 settled on Friday as fears of new shutdowns to curb the spread of COVID-19 in Europe hurt banking, energy and airline stocks, while strength in technology stocks pushed the Nasdaq into action. Record.

The emergence of COVID-19 cases in Austria has seen the outlines of plans for a full lockdown, and fears that Germany will follow suit in shaky stock markets globally. Read more

Bank shares (.SPXBK) It fell about 1.7%, tracking the drop in Treasury yields as investors snapped up safe haven bonds. Finance (.SPSY) It was among the worst performing sectors of S&P, down 1.1%.

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Airlines including Delta Airlines (from north), United Airlines (UAL.O) and American Airlines (AAL.O), the Cruiseliners Norwegian Cruise Line (NCLH.N) And Carnival Company (CCL.N) It fell between 0.9% and 1.8%.

Major oil companies fell as crude prices fell due to renewed concerns about European demand, which made the energy sector of Standard & Poor’s (.SPNY) The worst performer among its peers with a loss of 3.7%.

said Jay Hatfield, CEO of Infrastructure Capital Management in New York.

“Right now, COVID-19 is kind of the headline of the day. Every trade in the market right now is driven by COVID.”

Lower yields and safe-haven demand supported major technology stocks, which in turn lifted the Nasdaq (nineteenth).

Technical stocks are usually yield sensitive, given that investors weigh future profits in the sector against debt returns.

Shares of FAANG, which has largely weathered economic shocks since 2020, are up between 0.3% and 3.9%. Netflix (NFLX.O) acquired along with other equity in the house.

iPhone Maker Apple Inc (AAPL.O) It hit a record high as investors priced in strong Black Friday sales next week.

nvidia chip maker (NVDA.O) It rose 3.1% in heavy trade after reporting strong quarterly results late Wednesday. Philadelphia Semiconductor Index (.sox) He also set a record. Read more

At 11:45 a.m. ET, the Dow Jones Industrial Average (.DJI) It was down 167.60 points, or 0.47%, to 35,703.35 and the S&P 500 (.SPX) The index rose 5.66 points, or 0.12%, to 4710.20 points. Nasdaq Composite (nineteenth) It was up 115.89 points, or 0.72%, at 16,109.60.

S&P Consumer Estimation Sector (.SPLRCD) It hit a record high, after this week’s strong retail earnings and positive indicators for holiday shopping.

But inflation fears also persisted in the markets after recent statements from Federal Reserve officials that price pressures are becoming broader. Read more

The US House of Representatives on Friday passed President Joe Biden’s $1.75 trillion bill to strengthen the social safety net and fight climate change, sending it to the Senate where negotiations will continue. Read more

Among other stocks, Intuit Inc (INTU.O) It jumped 10.1% as brokerages raised their price targets for the income tax software company after it beat quarterly estimates and raised expectations.

Applied Materials Company (AMAT.O) It fell 2.9% after the chip maker forecast first-quarter sales and earnings below market estimates on supply chain problems. Read more

Declining issues outnumbered advancers by 1.55 to 1 on the New York Stock Exchange and by 1.22 to 1 on the Nasdaq.

The S&P recorded 39 new 52-week highs and six new lows, while the Nasdaq recorded 74 new highs and 227 new lows.

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Additional reporting by Ambar Warrick and Devik Jain in Bengaluru; Edited by Magu Samuel

Our criteria: Thomson Reuters Trust Principles.

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