US stocks were weighed down on Tuesday as President Trump along with other officials made a series of trade related comments. The Dow Jones fell 69.84 points after rising approximately 72.80 points, the S&P 500 fell away 0.13% while the tech heavy Nasdaq rose 0.18%.
After a few days out of the news, trade talks re-surfaced as the Trump administration reiterated its hard line stance on trade. Speaking at the United Nations General Assemble President Trump stated the US will no longer tolerate abuse on trade and allow workers to be victimized.
Gains were seen in Amazon rising 2.08%, Alphabet Inc. higher by 1.22% and Twitter shares rising 1.73% - which pushed the Nasdaq higher. Intel Corp shares fell 2.13%, the worst performer on the Dow Jones Index after a series of broker downgrades. The Philadelphia semiconductor index (SOXX) dropped 1.70% - Lam Research fell 2.23% and Analog Devices fell 2.57%.
Energy stocks also rose following a rise in crude oil prices where Brent hit $82.55 a barrel before settling at $81.87 a barrel. The rise in oil prices has been a result of concerns regarding global supply due to the sanction the US have placed on Iran’s oil exports. In more recent news, we saw President Trump overnight also make a public comment directed at OPEC to pump more oil and to stop raising prices. Beneficiaries of the higher oil prices were ConocoPhillips +1.36%, EOG Resources +1.33% and Concho Resources +2.64%.
In the broader market Nike shares fell 2.89% in after-hours trading as the sporting retailer reported its quarterly results. CenturyLink shares tumbled 8 percent as their Chief Financial Officer left the company to join T-Mobile.
Chart of the Day: Amazon.com Inc. (AMZN) Daily Chart