BCN-16 US stocks dip as Nike, Tesla stumble

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BCN-16

US-STOCKS-MARKETS

US stocks dip as Nike, Tesla stumble

NEW YORK, Feb 22, 2019 (BSS/AFP) – Wall Street stocks retreated Thursday
following lackluster economic data and stumbles by some high-profile
companies, including Tesla and Nike.

The Dow Jones Industrial Average finished with a loss of 0.4 percent at
25,850.63.

The broad-based S&P 500 also shed 0.4 percent to close at 2,774.88, along
with the tech-rich Nasdaq Composite Index, which dropped to 7,459.71.

Fresh economic data showed manufacturing in the eurozone and Japan shrank
in February, which was seen as evidence of global economic sluggishness amid
the US-China trade fight.

Talks resumed in Washington between Chinese and US officials to try to
reach a deal on trade following a months-long conflict.

Analysts are skeptical the two sides can entirely settle the dispute before
March 1, although President Donald Trump has said the US could postpone
tariffs set to come into effect that date.

Tesla Motors sank 3.7 percent after Consumer Reports withdrew its
recommendation on the company’s Model 3 car, citing problems with the
vehicle’s reliability.

Dow member Nike fell 1.1 percent after a high-profile sneaker failure
involving star college basketball player Zion Williamson.

Playing for Duke University in a game against archrival University of North
Carolina, Williamson left the game with an injury less than a minute after
the start when his shoe ruptured.

Johnson & Johnson, another Dow member, dropped 0.7 percent after disclosing
it had received subpoenas and inquiries from the Justice Department and other
US bodies over its baby powder products, the subject of thousands of lawsuits
that blame the products for cancer. J&J maintains the products are safe.

Meanwhile, Coca-Cola jumped 1.7 percent after boosting its dividend and
announcing a new share repurchase program.

BSS/AFP/HR/0945