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BCN-19
US-STOCKS-MARKETS
US stocks dip as Amazon briefly hits $1 tn
NEW YORK, Sept 5, 2018 (BSS/AFP) – Wall Street stocks dipped Tuesday on
continued worries about US trade conflicts even as Amazon briefly topped $1
trillion in market value in the latest demonstration of US tech industry
dominance.
The Dow Jones Industrial Average slipped 0.1 percent to 25,952.75.
The broad-based S&P 500 dipped 0.2 percent to 2,896.71, while the tech-
rich Nasdaq Composite Index declined 0.2 percent to 8,091.25.
Investors were eyeing the latest in the ongoing trade fight between the US
and Canada after President Donald Trump again threatened over the holiday
weekend to leave Canada out of a revamped North American Free Trade
Agreement.
Talks with Ottawa are set to resume in Washington on Wednesday to try to
salvage the three-nation NAFTA, although Trump has said he could proceed with
Mexico alone.
Analysts also are monitoring the state of trade relations between
Washington and Beijing, with the possibility of a new wave of punitive
tariffs hitting as soon as this week.
Meanwhile, Amazon hit a milestone when it briefly topped $1 trillion in
market capitalization about one month after Apple achieved the feat. It
pulled back somewhat and shares finished up 1.3 percent.
But Facebook fell 2.6 percent following a downgrade by MoffetNathanson,
while Tesla Motors dropped 4.2 percent following a note from Goldman Sachs
warning the company faced rising competition from car companies that are
launching new electric vehicles.
Dow member Nike fell 3.2 percent amid worries the new advertising campaign
featuring Colin Kaepernick will backfire on the sports giant.
Kaepernick has been benched from playing American football after kneeling
during the US national anthem in 2016, launching a movement to protest racial
injustice.
He appears as the new face of Nike’s “Just do it” campaign.
BSS/AFP/HR/1002