The Dow Jones fell and the S&P 500 was flat on Friday as fears of new lockdowns to curb the spread of COVID-19 in Europe hammered banking, energy and airline stocks, while strength in technology stocks pushed the Nasdaq to a record high.
Banking stocks (.SPXBK) fell about 1.7%, tracking a drop in Treasury yields as investors snapped up safe-haven bonds. Financials (.SPSY) was among the worst-performing S&P sectors, down 1.1%. Carriers including Delta Air Lines (DAL.N), United Airlines (UAL.O) and American Airlines (AAL.O), and cruiseliners Norwegian Cruise Line (NCLH.N) and Carnival Corp (CCL.N) fell between 0.9% and 1.8%.
FAANG stocks, which have largely persevered through economic shocks since 2020, rose between 0.3% and 3.9%. Netflix (NFLX.O) gained along with other stay-at-home stocks. IPhone maker Apple Inc (AAPL.O) hit a record high as investors priced in strong Black Friday sales next week. Chipmaker Nvidia (NVDA.O) rose 3.1% in heavy trade after posting strong quarterly results late Wednesday. The Philadelphia semiconductor index (.SOX) also hit a record high. read more