By Yasin Ebrahim

Investing.com – The Nasdaq eased from record highs Friday, but remained supported as investors piled into growth corners of the market like tech amid concerns about global growth following fresh lockdowns in Europe.

The fell 0.08%, the slipped 0.73%, or 261 points, the Nasdaq gained 0.44% after hitting an intraday record of 16,121.1.

Austria stated Monday it would reinstate a national lockdown in order to reduce the number of Covid-19 cases. There are concerns about the economic impact as large economies such as Germany and the EU could introduce new restrictions.

“[S]Markets suddenly pay attention [to raising Covid-19 cases in Europe] perhaps because policy responses are beginning to emerge,” Scotiabank Economics said.

In the face of growing doubts over a slowdown in global economic growth, investors have poured their money into sectors such as tech.

Meta, formerly Facebook (NASDAQ:), Google-parent Alphabet (NASDAQ:), Amazon (NASDAQ:),  Microsoft  (NASDAQ:) and Apple (NASDAQ:) traded higher.

As a result of Micron Technology’s surge (NASDAQ:), which offset weakness in Applied Materials, Semiconductor stocks supported the broader tech industry.

Applied Materials (NASDAQ) released third quarter results and guidance for fourth quarter. These were below estimates due to supply shortages continuing to hinder growth. The shares of the company fell by more than 4 percent.

Consumer discretionary stocks continue to show strong performance, making them one of this week’s best performers. Nike (NYSE: ) and Tesla (NASDAQ 🙂 more than 22%.

The selling pressure on cyclical stocks was driven by investor jitters from a slower global recovery. Financials and energy were the most affected.

As oil prices fall below $80/barrel, energy fell by more than 3%. This is due to concerns that new restrictions in Europe may reduce oil demand.

Devon Energy Hess (NYSE) Baker Hughes All of them fell over 5%, leading the selling in the energy sector.

As investors relaxed their expectations of a reopening, travel-related stocks like United Airlines (NASDAQ;), Carnival(NYSE:) or Airbnb (NASDAQ:), were in pressure.

Health care is a different story. Moderna (NASDAQ) was the top performer with a 6.6% increase after Covid booster shots were approved by Food and Drug Administration for all U.S. adults. Pfizer’s vaccine also received approval.

On the political front, the House of Representatives passed President Biden’s $1.75 trillion “human infrastructure” package, or Build Back Better Act.

The Senate will move the legislative measure to its consideration. Democrats are hoping to pass the bill using budget reconciliation without Republican support.

The bill will likely have to be revised as centrists such as Sen. Joe Manchin of West Virginia have balked at its hefty price tag, and “question claims the initiative was fully paid for,” Stifel said.

“The bill would contribute $791B to the deficit in the next five years and $367B to the deficit over the coming 10 year period,” Stifel added, citing findings from the Congressional Budget Office.