Thomson Reuters
Traders work on the floor of the NYSE in New York
Stocks fell Tuesday, with technology and industrials leading indices lower, as trade tensions around the globe kept markets on edge. Amazon, on the other hand, hit a $1 trillion market value, a month after Apple became the first US company to hit the milestone. The dollar and Treasury yields jumped.
Here's the scoreboard:
Dow Jones industrial average: 25,952.82 −12.00 (-0.046%)
S&P 500: 2,893.16 −8.36 (-0.29%)
Nasdaq Composite: 8,091.25−18.29 (-0.23%)
- The Trump administration is expected to follow through with tariffs on roughly $200 billion worth of Chinese products this week. Beijing would almost certainly retaliate against the move, which is expected to hit more consumer products than previous tariffs. Separately, NAFTA talks are expected to restart Wednesday after Trump suggested again over the weekend that Mexico and the US could move forward without Canada.
- Manufacturing activity in the US surged to its highest level in 14 years in August. A jump in new orders propelled the Institute of Supply Management index from 58.1 in July to 61.3 last month, a peak not seen since May 2004.
- Executives from Twitter and Facebook testify before Congress on Wednesday. In back-to-back House and Senate hearings, lawmakers are expected to question Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey about political content and how the companies are preparing to combat threats ahead of midterms. Alphabet's Larry Page reportedly refused to attend.
- Nike is facing backlash after deciding to feature Colin Kaepernick in an ad campaign. The former 49ers quarterback was the first NFL player to kneel during national anthem as a protest against racism. Nike shares were down nearly 3%.
And a look at the upcoming economic calendar:
- The Bank of Canada announces rate decisions.
- The UK reports factory activity numbers.