US stocks fell on Thursday, on the back of a drop in Amazon, after the US Supreme Court allowed US states to force retailers to collect sales tax. Amazon fell 0.7%, marking the biggest losing stock in both the S & P and Nasdaq.
US automakers also fell, with Ford slipping 1.6%, General Motors (NYSE: GM) 2.5%, Caterpillar and Boeing, which are listed on the New York Stock Exchange and rely on China for a large portion of revenue, fell 2% and 1%, respectively. According to analysts, if US President Trump continues to escalate tensions with China over trade, Beijing could target some companies in the US Dow Jones index, which is a concern for market participants.
The Dow Jones industrial average shed 175.91 points, or 0.71 percent, to 24,481. The Standard & Poor’s 500 Index was down 16.74 points, or 0.604 percent, to 2,750. The Nasdaq Composite Index fell 61.71 points, or 0.79 percent, at 7,719. Six of the 11 main sectors in S & P traded lower, with the energy sector dropping 1.2% as oil prices fell after OPEC appeared to be close to starting to increase production.
Intel shares also fell 1.2 percent as CEO Brian Krzanich stepped down, after investigations revealed he had a relationship with a company employee, a violation of the company’s policy.
Meanwhile, the New York-based Darden Restaurant saw a Gain of 11.4 percent, after the group reported better sales and profit in the fourth quarter than expected. Grocer Kroger rose 9.5% after raising the minimum forecast for full-year earnings and better-than-expected quarterly earnings.
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