NEW YORK: U.S. stocks fell on Tuesday as trade concerns lingered and declines in Facebook and Nike shares weighed on Wall Street's major indexes, though data showing U.S. manufacturing activity accelerated in August kept losses in check.
Facebook Inc
Shares of other technology companies, including Alphabet
Nike Inc
Concerns about trade, including talks between the United States and Canada to renegotiate the North American Free Trade Agreement, also took a toll, investors said.
"The trade war concerns continue to linger," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. "The fact that we weren't able to come to an agreement with Canada has people concerned."
Talks between the United States and Canada are scheduled to resume on Wednesday after the two parties ended their talks on Friday without a deal.
Amazon Inc
The Dow Jones Industrial Average <.DJI> fell 12.34 points, or 0.05 percent, to 25,952.48, the S&P 500 <.SPX> lost 4.8 points, or 0.17 percent, to 2,896.72 and the Nasdaq Composite <.IXIC> dropped 18.29 points, or 0.23 percent, to 8,091.25.
Earlier, the indexes pared losses after data from the Institute for Supply Management showed U.S. manufacturing activity accelerated to a more than 14-year high in August, boosted by a surge in new orders.
Consultations on a U.S. proposal for new tariffs on Chinese goods are set to end on Thursday, after which U.S. President Donald Trump can follow through on plans to impose levies on another $200 billion of Chinese imports, though it is unclear how quickly that will happen.
Verizon Communications Inc shares
Shares of Western Digital Corp
Shares of JD.com Inc
Declining issues outnumbered advancing ones on the NYSE by a 1.90-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored decliners.
The S&P 500 posted 53 new 52-week highs and eight new lows; the Nasdaq Composite recorded 153 new highs and 50 new lows.
Volume on U.S. exchanges was 6.56 billion shares, compared to the 6.11 billion average over the last 20 trading days. - Reuters
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