Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Facebook, Nike drag Wall Street lower; trade concerns linger

Stock MarketsSep 04, 2018 04:54PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders work on the floor of the NYSE in New York

By April Joyner

NEW YORK (Reuters) - U.S. stocks fell on Tuesday as trade concerns lingered and declines in Facebook and Nike shares weighed on Wall Street's major indexes, though data showing U.S. manufacturing activity accelerated in August kept losses in check.

Facebook Inc (O:FB) shares fell 2.6 percent after brokerage MoffettNathanson downgraded the social media company, warning of revenue growth deceleration.

Shares of other technology companies, including Alphabet (O:GOOGL), Microsoft Corp (O:MSFT) and Twitter Inc (N:TWTR) also slid, while the S&P 500 technology index (SPLRCT) dropped 0.3 percent.

Nike Inc (N:NKE) shares fell 3.2 percent as the company faced a backlash after it chose Colin Kaepernick, the first NFL player to kneel during the national anthem as a protest against racism, to participate in a new ad campaign.

Concerns about trade, including talks between the United States and Canada to renegotiate the North American Free Trade Agreement, also took a toll, investors said.

"The trade war concerns continue to linger," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. "The fact that we weren't able to come to an agreement with Canada has people concerned."

Talks between the United States and Canada are scheduled to resume on Wednesday after the two parties ended their talks on Friday without a deal.

Amazon Inc (O:AMZN) bucked the negative sentiment. It briefly touched $1 trillion in market capitalization, joining Apple Inc (O:AAPL) in achieving that milestone, after its shares rose as much as 1.9 percent to hit a record $2,050.50. Amazon ended the session up 1.3 percent to $2,039.51.

The Dow Jones Industrial Average (DJI) fell 12.34 points, or 0.05 percent, to 25,952.48, the S&P 500 (SPX) lost 4.8 points, or 0.17 percent, to 2,896.72 and the Nasdaq Composite (IXIC) dropped 18.29 points, or 0.23 percent, to 8,091.25.

Earlier, the indexes pared losses after data from the Institute for Supply Management showed U.S. manufacturing activity accelerated to a more than 14-year high in August, boosted by a surge in new orders.

Consultations on a U.S. proposal for new tariffs on Chinese goods are set to end on Thursday, after which U.S. President Donald Trump can follow through on plans to impose levies on another $200 billion of Chinese imports, though it is unclear how quickly that will happen.

Verizon Communications Inc shares (N:VZ) slipped 2.2 percent after Barclays (LON:BARC) downgraded the wireless carrier's stock.

Shares of Western Digital Corp (O:WDC) fell 4.7 percent and Seagate Technology PLC shares (O:STX) dropped 7.7 percent after Evercore ISI downgraded shares of the hard-disk drive makers.

Shares of JD.com Inc (O:JD) slid 6.0 percent after the Chinese retailer's chief executive officer was arrested in the United States on suspicion of criminal sexual conduct and later released.

Declining issues outnumbered advancing ones on the NYSE by a 1.90-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.

The S&P 500 posted 53 new 52-week highs and eight new lows; the Nasdaq Composite recorded 153 new highs and 50 new lows.

Volume on U.S. exchanges was 6.56 billion shares, compared to the 6.11 billion average over the last 20 trading days.

Facebook, Nike drag Wall Street lower; trade concerns linger
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
WANDERLUST srt
WANDERLUST srt Sep 04, 2018 3:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
social media and political opportunist companies being sold.
Iznogud Veliki Vezir
Iznogud Veliki Vezir Sep 04, 2018 9:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Interesting: " The Nasdaq Composite (IXIC) dropped 8,109.54 points, or 100.00 percent, to 0.00 at the opening bell." :)
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email