By Chuck Mikolajczak
NEW YORK (Reuters) - U.S. stocks dipped on Thursday as a U.S. Supreme Court ruling on state sales tax collection pulled Amazon and other online retailers lower while industrials continued to falter on concerns over trade war concerns.
"You have seen the tug of war as far as investors are concerned with the trading ranges since the announcement, it would appear it is still to be determined the absolute level of ramifications," said Eric Wiegand, senior portfolio manager at U.S. Bank Private Wealth Management in New York.
Big U.S. manufacturers and automakers were under pressure after Germany's Daimler
"Our feeling had been there is some complacency built in to that expectation that it is more ploy than policy. But one of the first cracks in that argument right now is the Daimler announcement," said Weigand.
The Dow Jones Industrial Average <.DJI> fell 161.44 points, or 0.65 percent, to 24,496.36, the S&P 500 <.SPX> lost 13.92 points, or 0.50 percent, to 2,753.4 and the Nasdaq Composite <.IXIC> dropped 54.74 points, or 0.7 percent, to 7,726.78.
The price-weighted Dow index is heavily affected by industrial companies and trade concerns pushed the index into negative territory for the year earlier this week, with the index on pace for its eight straight decline.
Energy <.SPNY> was the worst performing sector, down 1.86 percent as oil prices fell ahead of a meeting of the Organization of the Petroleum Exporting Countries, where producers are expected to boost output.
Earnings were a bright spot, with Darden Restaurants
Declining issues outnumbered advancing ones on the NYSE by a 2.07-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favoured decliners.
The S&P 500 posted 24 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 118 new highs and 33 new lows.
(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Updated Date: Jun 22, 2018 02:05 AM