Stocks close mixed as S&P and Dow pull back as the Nasdaq makes new highs The S&P 500 and Dow finished Monday modestly weaker following the rally last week that left the averages at record high closing levels on Friday. Fresh U.S.-China tensions coming back into the spotlight, a lack of progress on Brexit talks and some profit taking may have all been at play in accounting for the pullbacks. ECONOMIC EVENTS: Data from the Johns Hopkins Whiting School of Engineering shows there are now 67.25M confirmed cases of COVID-19 worldwide, including 14.8M in the U.S., and 1.54M deaths due to the disease, including 282,000 in the U.S. In Capitol Hill news, CNBC reported that Congress intends to to extend government funding for an additional week while Congress attempts to scrap together spending and COVID-19 relief packages. A bipartisan group of lawmakers is aiming to release a more detailed outline of its $908B relief proposal on Monday as it prepares legislative text, CNBC said, noting that Democratic leaders have supported the plan as the basis for an emergency relief measure as a sustained coronavirus infection surge stresses hospitals across the nation. Meanwhile, Steny Hoyer, the Majority Leader of the U.S. House of Representatives, confirmed that the House will vote on Wednesday on a one-week continuing resolution to keep government open while negotiations continue. In the U.K., City A.M. reported that U.K. Prime Minister Boris Johnson and European Commission Ursula von der Leyen said that Brexit talks will continue following the pair's conversation over the weekend on trade. TOP NEWS: Shares of Ford ($F) closed 1.3% lower after CNBC said that the car maker delayed the launch of its Bronco SUV to summer 2021. The delay is due to COVID-related problems in its supply chain, according to CNBC's Michael Wayland. Eastman Kodak ($KODK) shares surged almost 60% higher after The Wall Street Journal reported that the U.S. International Development Finance Corp. has found no wrongdoing in the process that created a now-halted U.S. loan to Eastman Kodak to produce drug ingredients for the COVID-19 response. The DFC's inspector general, Anthony Zakel, said in his response to Sen. Elizabeth Warren that he found no evidence that employees of the agency had any conflicts of interest in the plans, nor did he find "any evidence of misconduct on the part of DFC officials," according to the Journal. Meanwhile, Lyft ($LYFT) shares were 1% higher after Piper Sandler analyst Alexander Potter upgraded the stock to Overweight from Neutral and raised his price target on the shares to $61 from $39, saying a "series of positive developments" should support 30% upside potential in the shares. MAJOR MOVERS: Among the noteworthy gainers were Crispr Therapeutics ($CRSP), Fate Therapeutics ($FATE) and Gamida Cell ($GMDA), which rose 1.5%, 37.8% and 56.2%, respectively, after providing updates on some of their therapeutics programs at the ASH medical meeting. Also higher was Perion Network ($PERI), which gained 16.7% after reporting quarterly results. Among the notable losers was McDonald's ($MCD), which declined almost 1% after Stephens analyst James Rutherford downgraded the stock to Equal Weight from Overweight. Also lower was JinkoSolar ($JKS), which fell just under 5% after reporting quarterly results. Reviewing Monday's economic data:Consumer credit increased by $7.2 billion in October (Briefing.com consensus $9.0 billion) after increasing by a downwardly revised $15.1 bln (from $16.2 billion) in September.The key takeaway from the report is that revolving credit decreased for the seventh time over the last eight months dating back to February, which preceded the initial pandemic lockdown period taking hold in the U.S.Looking ahead, investors will receive revised figures for Q3 Productivity and Unit Labor Costs and the NFIB Small Business Optimism Index for November on Tuesday.Nasdaq Composite +39.5% YTDS&P 500 +14.3% YTDRussell 2000 +13.4% YTDDow Jones Industrial Average +5.4% YTDMarket SnapshotDow30069.73-148.47(-0.49%)Nasdaq12519.86+55.71(0.45%)SP 5003691.97-7.16(-0.19%)10-yr Note +4/320.931NYSEAdv 1333 Dec 1771 Vol 926.5 mlnNasdaqAdv 1720 Dec 1883 Vol 4.7 blnIndustry WatchStrong: Information Technology, Communication Services, UtilitiesWeak: Energy, Financials, Real EstateMoving the Market-- Nasdaq Composite closes at record high amid relative strength in mega-cap/growth/momentum stocks-- Selling pressure in large-cap value/cyclical stocks-- Price action was relatively tight ranged Disclosure: I may trade in the ticker symbols mentioned, both long or short. 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