US STOCKS-Facebook, Nike drag Wall St lower; trade concerns linger

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 (FB.O) 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 (GOOGL.O), Microsoft Corp (MSFT.O) and Twitter Inc (TWTR.N) also slid, while the S&P 500 technology index .SPLRCT dropped 0.3 percent.

Nike Inc (NKE.N) 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 (AMZN.O) bucked the negative sentiment. It briefly touched $1 trillion in market capitalization, joining Apple Inc (AAPL.O) 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.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 31, 2018. REUTERS/Brendan McDermid

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

Read More Here...

Bookmark the permalink.