Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average (^DJI) ended lower, but trimmed earlier losses.
- The S&P 500 (^GSPC) and the Nasdaq (^IXIC) also declined after rising for the fifth straight month in August.
- Nike Inc. (NKE) - Get Report fell 3% on Tuesday after the sportswear giant unveiled a new advertising campaign featuring former NFL quarterback Colin Kaepernick.
Wall Street Overview
Stocks closed lower but trimmed earlier losses on Tuesday, Sept. 4, as investors pondered developments in the various trade disputes between Washington and major economic partners China and Canada.
Talks to keep Canada in a revised North American Free Trade Agreement are scheduled to resume Wednesday, Sept. 5, after the U.S. reached a tentative deal with Mexico last week. The Trump administration could impose tariffs on an additional $200 billion Chinese goods later this week after a public comment period ends.
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, boosting the dollar index to 95.41 against a basket of six global currencies.
U.S. oil prices spiked past $70 a barrel earlier Tuesday as Tropical Storm Gordon moved toward the gulf coast, forcing the closure of drilling installations in the Gulf of Mexico. West Texas Intermediate most recently was up 0.17% to $69.88 a barrel.
The ISM manufacturing index for August rose to 61.3, its highest level since May 2004, compared with estimates of 57.5. The index was 58.1 in July.
Nike Inc. (NKE) - Get Report , a component of the Dow, fell 3% on Tuesday after the sportswear giant unveiled a new advertising campaign featuring Colin Kaepernick, the NFL quarterback who inspired a series of nationwide protests against police brutality and social injustice by kneeling during the playing of the national anthem.
Nike chose Kaepernick to lead the 30th anniversary of its iconic "Just Do It" campaign. 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." Kaepernick 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.
"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.
- Just Do It: Trade Nike Into September Earnings
- Nike Dips After Colin Kaepernick Unveiled in Anniversary 'Just Do It' Campaign
Amazon.com Inc. (AMZN) - Get Report crossed a valuation of $1 trillion, becoming the second publicly traded company to reach $1 trillion in market after Apple Inc. (AAPL) - Get Report , topped the mark on Aug. 2. Amazon shares on Tuesday briefly surpassed $2,050.27, the level needed to reach the milestone. Shares of the online retailer were up 1.3% to $2,039.63.
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.
Meanwhile, Goldman Sachs downgraded Tesla Inc. Tuesday on signs the company won't come to market soon enough with products to match against those of rival electric car companies. Tesla shares fell 4% on Tuesday.
The deal values Ocean Rig shares at $32.28 each. Ocean Rig rose 12% to $30.25 on Tuesday, while Transocean declined 6.7%.
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