US stocks dip as Nike, Tesla stumble

New York: Wall Street stocks retreated Thursday following lackluster economic data and stumbles by some high-profile companies, including Tesla and Nike.

The Dow Jones Industrial Average finished with a loss of 0.4 percent at 25,850.63.

The broad-based S&P 500 also shed 0.4 percent to close at 2,774.88, along with the tech-rich Nasdaq Composite Index, which dropped to 7,459.71.

Fresh economic data showed manufacturing in the eurozone and Japan shrank in February, which was seen as evidence of global economic sluggishness amid the US-China trade fight.

Talks resumed in Washington between Chinese and US officials to try to reach a deal on trade following a months-long conflict.

Analysts are skeptical the two sides can entirely settle the dispute before March 1, although President Donald Trump has said the US could postpone tariffs set to come into effect that date.

Tesla Motors sank 3.7 percent after Consumer Reports withdrew its recommendation on the company’s Model 3 car, citing problems with the vehicle’s reliability.

Dow member Nike fell 1.1 percent after a high-profile sneaker failure involving star college basketball player Zion Williamson.

Playing for Duke University in a game against archrival University of North Carolina, Williamson left the game with an injury less than a minute after the start when his shoe ruptured.

Johnson & Johnson, another Dow member, dropped 0.7 percent after disclosing it had received subpoenas and inquiries from the Justice Department and other US bodies over its baby powder products, the subject of thousands of lawsuits that blame the products for cancer. J&J maintains the products are safe.

Meanwhile, Coca-Cola jumped 1.7 percent after boosting its dividend and announcing a new share repurchase program.

Popular in the Community