Here are five things you must know for Tuesday, Sept. 4:
1. -- Stocks Mixed Amid Trade Worries
U.S. stock futures turned mostly lower on Tuesday, Sept. 4, amid investor worries about developments in the various trade disputes between Washington and its major economic partners as Donald Trump attempts to reach an agreement to overhaul NAFTA while preparing to impose a fresh set of tariffs on $200 billion worth of China-made exports.
The concerns over trade, as well as ongoing weakness in emerging market currencies linked to slowing global growth and a stronger U.S. dollar, accelerated gains for the dollar in overnight trading, boosting the dollar index to a fresh 10-day high of 95.55 against a basket of six global currencies.
The economic calendar in the U.S. on Tuesday includes the PMI Manufacturing Index for August at 9:45 a.m. ET, Construction Spending for July at 10 a.m., and the ISM Manufacturing Index for August at 10 a.m.
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2. -- Nike Features Colin Kaepernick in New 'Just Do It' Ad Campaign
Nike Inc. (NKE) - Get Report fell 0.8% in premarket trading on Tuesday after the sportswear giant unveiled a new advertising campaign featuring Colin Kaepernick, a former NFL quarterback who inspired a series of nationwide protests against police brutality and social injustice but courted controversy by kneeling during the playing of the national anthem.
Nike chose Kaepernick, who is currently suing the National Football League for collusion after he failed to find a spot on any team roster despite leading the San Francisco 49ers to the Super Bowl in 2013, to lead the 30th anniversary of its iconic "Just Do It" campaign that includes tennis superstar Serena Williams and skateboarder Lacey Baker. Kaepernick's participation was first made public via his official Twitter account late Sunday, Sept. 2, with the phrase "Believe in something, even if it means sacrificing everything."
"We believe Colin is one of the most inspirational athletes of this generation, who has leveraged the power of sport to help move the world forward," Gino Fisanotti, Nike's North America vice president, told ESPN.
3. -- U.S. Automakers Release Sales for August
New-vehicle retail sales in August are expected to reach 1.28 million units, a 1.3% increase from August 2017, according to automotive analysts J.D. Power and LMC Automotive. Total vehicle sales were estimated at almost 1.5 million, 1.2% higher than a year earlier.
The seasonally adjusted annual rate for August is expected at 16.8 million units, flat with July 2018 and higher than 16.5 million sales in August 2017.
4. -- Tesla Misses Model 3 Production Goal - Report
The electric vehicle company was aiming for a production rate of 6,000 Model 3 vehicles per week by the end of August and an overall production of 50,000 to 55,000 Model 3 vehicles throughout the third quarter. Electrek reported that while it has learned the automaker missed the 6,000-unit production rate goal, it was on track to to meet its overall third-quarter goal.
Citing a source, Electrek reported the automaker built about 6,400 vehicles during the last week of August, including about 4,300 Model 3 vehicles.
Tesla shares fell 1.5% in premarket trading on Tuesday.
5. -- JD.com Founder Returns to China After U.S. Arrest
An official with JD.com told the Associated Press that "Liu Qiangdong has been released without charges and he is now back in China."
Also known as Richard Liu, the founder of the Beijing-based e-commerce site was arrested in Minneapolis late Friday, Aug. 31, on suspicion of criminal sexual conduct, according to Hennepin County Jail records.
Liu, 45, was released Saturday afternoon pending possible criminal charges. The jail records don't provide details of the alleged incident.
Liu's attorneys in Minneapolis, Earl Gray and Joseph Friedberg, told The Wall Street Journal they don't have specific knowledge of the complaint against Liu, but said their client is innocent. Gray said he and Friedberg would represent Liu if charges are filed, but called that prospect "a very remote possibility."
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