Market Snapshot Dow35601.98-268.97(-0.75%)Nasdaq16057.45+63.73(0.40%)SP 5004697.96-6.58(-0.14%)10-yr Note +5/321.539NYSEAdv 1142 Dec 2148 Vol 947.2 mlnNasdaqAdv 1741 Dec 2871 Vol 4.8 bln Industry Watch Strong: Information Technology, Utilities, Consumer DiscretionaryWeak: Energy, Financials, Health Care, Real Estate Moving the Market -- Nasdaq sets intraday and closing record highs amid mega-cap strength -- Austria announces COVID lockdown-- House passes $1.75 trillion Build Back Better Act-- 10-yr yield drops along with oil prices Markets mixed - Nasdaq closes at record highDow -268.97 at 35601.98, Nasdaq +63.73 at 16057.45, S&P -6.58 at 4697.96 [BRIEFING.COM] The S&P 500 lost 0.1% on Friday, while the Nasdaq Composite (+0.4%) set intraday and closing record highs as investors continued to bid up the mega-caps amid COVID-19 concerns. The Dow Jones Industrial Average (-0.8%) and Russell 2000 (-0.9%) declined closer to 1.0%. Faced with rising COVID-19 cases and hospitalizations, Austria announced a nationwide lockdown, starting Monday and lasting for a minimum of ten days. Reports suggested Germany could follow suit with similar measures, exacerbating concerns about slower growth and giving some investors an excuse to avoid cyclical stocks. Accordingly, investors assumed a defensive mindset that permeated the market: Apple ($AAPL 160.55, +2.68, +1.7%) and other mega-caps set record highs, the 10-yr yield dropped five basis points to 1.54%, the U.S. Dollar Index (96.03, +0.49, +0.5%) rose 0.5%, and the S&P 500 information technology sector (+0.8%) finished atop the leaderboard. Likewise, oil prices ($76.11, -2.81, -3.6%) extended recent losses on the prospects for softer demand and increased supply if countries tap into their oil reserves as speculated. That took a toll on the energy sector (-3.9%), which led all sectors in losses with a 4% decline. Outside the energy space, the financials sector (-1.1%) was really the only other weak spot with the curve-flattening activity in Treasuries -- the 2-yr yield increased one basis point to 0.51%, narrowing the 2s-10s spread by six basis points. No other sector fell more than 0.7%. Supportive considerations included the House passing the $1.75 trillion Build Back Better Act and a CDC advisory committee recommending in a unanimous vote for all adults to get COVID-19 booster shots from Pfizer ($PFE 50.80, -0.61, -1.2%) or Moderna ($MRNA 263.78, +12.37, +4.9%) six months after the second dose. On a related note, the CBO estimated that the Build Back Better Act would add approximately $160 billion to the budget deficit over ten years when accounting for the revenue from increased tax enforcement. The bill heads over to the Senate, where it will likely be amended, according to media reports. Shares of Intuit ($INTU 692.34, +63.40, +10.1%) rose 10% after providing positive earnings results and upbeat guidance. Applied Materials ($AMAT 150.03, -8.71, -5.5%), Workday ($WDAY 286.60, -12.49, -4.2%), and Ross Stores ($ROST 112.78, -6.74, -5.6%), however, fell between 4-6% following their earnings reports. Investors did not receive any economic data on Friday. Looking ahead to Monday, investors can expect the Existing Home Sales report for October. S&P 500 +25.1% YTDNasdaq Composite +24.6% YTDRussell 2000 +18.7% YTDDow Jones Industrial Average +16.3% YTDSource: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .