By April Joyner
NEW YORK, Sept 4 (Reuters) – Declines in Facebook and Nike shares weighed on the S&P 500 and the Dow on Tuesday, although data showing U.S. manufacturing activity accelerated in August kept losses in check.
Facebook Inc shares fell 2.4 percent after brokerage MoffettNathanson downgraded the social media company, warning of revenue growth deceleration.
Shares of other technology companies, including Alphabet , Microsoft Corp and Twitter Inc also slid, while the S&P 500 technology index dropped 0.3 percent.
On the Dow, Nike Inc shares fell 2.8 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 the prospect of additional U.S. tariffs on Chinese goods, lingered, investors said. Pressures in emerging markets, including a slump in the South African rand, also contributed to a risk-off mood.
“The things that were on the market’s radar last week, in a vacuum of other news, have taken center stage,” said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee. “The market is still in the first or second gear of getting to normal after the summer.”
Yet Amazon Inc briefly touched $1 trillion in market capitalization, joining Apple Inc in achieving that milestone, after its shares rose as much as 1.9 percent to hit a record $2,050.50. Amazon shares were last up 1.4 percent to $2,041.24.
The Dow Jones Industrial Average fell 26.32 points, or 0.1 percent, to 25,938.5, the S&P 500 lost 6.31 points, or 0.22 percent, to 2,895.21 and the Nasdaq Composite dropped