Stocks kick off September in the red

Traders
work on the floor of the NYSE in New York
Thomson Reuters

Stocks fell Tuesday, with technology and industrials leading
indices lower, as trade tensions around the globe kept markets on
edge. Amazon, on the other hand, hit a $1
trillion market value, a month after Apple became the
first US company to hit the milestone. The dollar
and Treasury yields jumped.

Here’s the scoreboard:

Dow Jones industrial
average: 
25,952.82
 
−12.00 (-0.046%)

S&P
500: 2,893.16 −8.36 (-0.29%)

Nasdaq
Composite: 8,091.25−18.29 (-0.23%)

1. The Trump administration is expected to
   follow through with tariffs on roughly $200 billion worth
   of  Chinese products this
   week. 
   Beijing would almost certainly
   retaliate against the move, which is expected to hit more
   consumer products than previous tariffs. Separately, NAFTA
   talks are expected to restart Wednesday after Trump suggested
   again over the weekend that Mexico and the US could move
   forward without Canada. 
2. Manufacturing activity in the US surged to
   
   its highest level in 14 years in August. A
   jump in new orders propelled the Institute of Supply Management
   index from 58.1 in July to 61.3 last month, a peak not seen
   since May 2004. 
3. Executives from Twitter and Facebook testify before
   Congress on Wednesday. In back-to-back House and
   Senate hearings, lawmakers are expected to question Facebook
   COO Sheryl Sandberg and Twitter
   CEO Jack Dorsey about political content and how the companies
   are preparing to combat threats ahead of midterms. Alphabet‘s Larry
   Page
   reportedly refused to attend.
4. Nike is facing backlash after
   deciding to feature Colin Kaepernick in
   an ad campaign. The former 49ers quarterback
   was the first NFL player to kneel during national anthem
   as a protest against racism. Nike
   shares were down nearly 3%. 

And a look at the upcoming economic
calendar:

• The Bank of Canada announces rate decisions.
• The UK reports factory activity numbers.