US STOCKS-Nasdaq hits record high as big tech leads; energy stocks battered

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* Apple, Facebook, Microsoft boost Nasdaq
* Intel drops on report of Apple prepping new Mac chips
* Oil companies slip, track decline in crude prices
* Nasdaq up 0.47%, Dow falls 0.48%, S&P 500 down 0.08%

(Adds comments, updates prices to open)
By Shriya Ramakrishnan and Shreyashi Sanyal
Dec 7 (Reuters) - The Nasdaq index extended a rally to hit a
record high on Monday as investors piled into big technology
stocks on worries over the short-term hit to the economy from
COVID-19 restrictions, while energy shares tumbled on lower oil
prices.
Shares in companies including Apple Inc AAPL.O , Tesla Inc
TSLA.O , Facebook Inc FB.O and Microsoft Corp MSFT.O
boosted the Nasdaq .IXIC with gains of nearly 2% each.
Authorities in California, the most populous state in the
country, on Monday compelled much of the state to close shop and
stay at home the day after it reported a record 30,000-plus new
coronavirus cases. "I think what you are seeing today is a focus on the short
term with the shutdown, which is why technology is leading the
way," said Christopher Grisanti, chief equity strategist at MAI
Capital Management in Ohio.
"These are companies that can do well even if the economy
again goes into a shutdown. This is more reminiscent of early
2020, and I think it gives investors a chance to look ahead and
try to find investments that will work in 2021."
The S&P 500 energy index .SPNY fell over 2%, the most
among the 11 major sectors as oil prices slipped. Oil companies
Chevron Corp CVX.N , Exxon Mobil Corp XOM.N and Occidental
Petroleum Corp OXY.N fell between 2% and 3% in early trading.
O/R
Wall Street tracked a more cautious move in global stocks
earlier in the day after Reuters reported Washington was
preparing to impose sanctions on some Chinese officials over
their alleged role in Beijing's disqualification of elected
opposition legislators in Hong Kong. Meanwhile, talks aimed at delivering fresh coronavirus aid
gathered momentum in the U.S. Congress on Friday, as a
bipartisan group of lawmakers worked to put the finishing
touches on a new $908 billion bill. Analysts remain confident of the passage of the bill by a
Dec. 11 deadline, with Thomas Hayes, managing member at Great
Hill Capital in New York saying, "I think the bill is going to
pass, but it will be smaller than $908 billion."
Promising vaccine updates from major drugmakers have raised
investor hopes for an economic recovery next year and eased
worries over a surge in U.S. infections, powering Wall Street's
main indexes to record highs recently.
The Dow Jones Industrial Average .DJI opened at an
all-time high on Monday, before turning negative moments later.
At 10:33 a.m. ET, the Dow Jones Industrial Average .DJI
was down 145.34 points, or 0.48%, at 30,072.92, the S&P 500
.SPX was down 2.86 points, or 0.08%, at 3,696.26, and the
Nasdaq Composite .IXIC was up 57.98 points, or 0.47%, at
12,522.22.
Intel Corp INTC.O fell 3.7% after Bloomberg News reported
Apple Inc AAPL.O was planning a series of new Mac processors
for introduction as early as 2021 that are aimed at
outperforming Intel's fastest processors. Declining issues outnumbered advancers for a 1.35-to-1 ratio
on the NYSE and a 1.16-to-1 ratio on the Nasdaq.
The S&P index recorded 21 new 52-week highs and no new low,
while the Nasdaq recorded 174 new highs and six new lows.