The Dow Jones Industrial Average ended weaker for a third straight day as losses in Nike (NKE) and Verizon (VZ) weighed on the blue-chip measure, while telecoms and real estate dented the Standard & Poor’s 500.
Stocks pared some of their losses on the day as investors returned from the Labor Day long weekend, bringing subdued volumes on the benchmarks but lingering worries about global trade that kept the measures under water. Amazon.com’s (AMZN) 1.3% rise to a record high — including briefly touching a $1 trillion market value — helped the Nasdaq swing between gains and losses.
But it was mostly a downbeat day as investors dumped Nike (NKE), sending the retailer down 3.2% as a call to boycott the retailer emerged following the decision to make former NFL quarterback Colin Kaepernick part of an advertising campaign.
The Dow was also dented by a 2.2% loss in Verizon (VZ) after Barclays lowered it to equal weight from underweight. That helped push the S&P’s telecoms sector down 1.2% in the steepest decline among the groups. Real estate shed 1.1%. The consumer groups were split, with discretionary rising 0.2% and staples down 0.4%.
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Markets last week fluctuated over US trade worries as the issue was poised to take investors’ attention again this week as talks between the US and Canada resume on Wednesday with the backdrop of tweets from President Trump on that there was no “political necessity” to keep Canada in a trade deal with the US and Mexico.
In other company news, Ocean Rig (ORIG) jumped 12% after Transocean (RIG) said it would acquire the company for $2.7 billion in cash and stock. Transocean was down 6.7%.
Tahoe Resources (TAHO) sank 19% after saying the Guatemalan Constitutional Court reversed a Supreme Court decision to reinstate the Escobal mining license of its subsidiary, Minera San Rafael. And Roku (ROKU) gained 6.2% after coverage of the stock was started at Guggenheim with a buy rating and a $74 price target.
By the close, the Nasdaq and the S&P 500 were both down 0.2% and the Dow slipped 0.1%.
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