Nike (NKE.N) dropped 2.1%, as calls for a boycott of the sportswear giant gained traction on social media after it chose Colin Kaepernick as a face for adverts marking the 30th anniversary of its “Just Do It” slogan.
Meanwhile, Facebook (FB.O) fell 3% after brokerage MoffettNathanson downgraded the social media giant to “neutral” from “buy” citing revenue growth deceleration.
The S&P technology index. SPLRCT fell 0.7%, on track to post its biggest loss since Aug. 15. “This has more to do with the fact that the markets have had a strong run in the past two to three weeks and it is normal for people to take a little bit of profits off the table,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
Conversations between Canada and the United States to renegotiate the North American Free Trade Agreement (NAFTA) ended on a sour note last week, but officials set plans to resume their talks on Wednesday.
However, traders are always cautious about September: “Some of the largest slips tend to take place during September. Although the economy is still quite strong, and stocks are marking hew highs, this doesn’t mean some usual September volatility is out of the question,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
