(Corrects date that consultations end to Sept. 6, not Sept. 5, in third bullet point and in paragraph 6)
* Nike falls after boycott gains traction on social media
* Facebook drops about 3 pct after brokerage downgrade
* Deadline for U.S.-China tariff consultations on Sept. 6
* Energy stocks gain as oil jumps
* Indexes down: Dow 0.42 pct, S&P 500 0.30 pct, Nasdaq 0.48 pct
By Shreyashi Sanyal
Sept 4 (Reuters) – U.S. stocks tumbled on Tuesday as a drop in heavyweights Facebook and Nike added to worries over trade negotiations between the United States and other major economies.
Nike dropped 2.1 percent, top drag on the Dow Jones Industrial Average, as calls for a boycott of the sportswear giant gained traction on social media after it chose Colin Kaepernick as a face for adverts marking the 30th anniversary of its “Just Do It” slogan.
Facebook fell 3 percent after brokerage MoffettNathanson downgraded the social media giant to “neutral” from “buy” citing revenue growth deceleration.
The S&P technology index fell 0.7 percent, on track to post its biggest loss since Aug. 15.
“This has more to do with the fact that the markets have had a strong run in the past two to three weeks and it is normal for people to take a little bit of profits off the table,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
Investors are cautious as a fresh round of U.S tariffs on $200 billion worth of Chinese goods are expected to take effect after a public comment period ends on Sept. 6.
Talks between Canada and the United States to renegotiate the North American Free Trade Agreement (NAFTA) ended on a sour note on Friday, but officials set plans to resume