The Dow Jones Industrial Average was trading solidly lower early Tuesday, with shares of Nike Inc. NKE, -3.16% producing the stiffest headwind for the blue-chip benchmark. Nike’s shares were down 2.6%, or $2.19, shaving about 15 points from the price-weighted Dow DJIA, -0.05% of which it is a component, after the sports-apparel giant unveiled a new 30th anniversary ad campaign that features Colin Kaepernick, the NFL quarterback who led player protests against racial injustice and police brutality during the national anthem. The move by Nike is being viewed as highly political and at odds with President Donald Trump’s views. Most recently, the Dow was down nearly 54 points, or 0.2%, at 25,910. A $1 move in any one of the Dow’s 30 components translates to 6.8-point swing. Meanwhile, the S&P 500 index SPX, -0.17% declined by 0.2% at 2,896, while the Nasdaq Composite Index COMP, -0.23% was 0.2% lower at 8,092.
U.S. stocks kick off September on a weak note Tuesday, with all major indexes finishing lower, as investors focus on latest developments on the trade front.
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