The Dow falls for an 8th straight day

Mercedes holds a news conference to unveil new G-Class models at the North American International Auto Show in Detroit, Michigan

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Mercedes holds a news conference to unveil new G-Class models at the North American International Auto Show in Detroit, Michigan
source
Thomson Reuters

Stocks fell Thursday, with the Dow Jones industrial average declining for an eighth straight day, as trade tensions persisted among the US and multiple countries. The dollar and Treasury yields fell.

Here’s the scoreboard:

Dow Jones industrial average: 24,462.67 −195.13 (-0.79%)

S&P 500: 2,750.06 -17.26 (-0.62%)

  1. The Supreme Court ruled states can require tax collection on digital sales. Shares of Amazon and other online retailers fell following the opinion.
  2. Daimler slashed its 2018 earnings forecast amid escalating trade tensions. Pointing to the possibility of higher costs imposed by tariffs, the German Carmaker said it’s considering “possible strategic options.”
  3. Oil prices slid as OPEC closed in on an agreement to ease supply cuts. The cartel moved closer to a deal to raise output at an upcoming meeting Friday as Iran signaled it could go along with such a deal.
  4. US unemployment claims fell unexpectedly last week. In separate data out Thursday, factory activity moderated in June amid falling new orders.

And a look at the upcoming economic calendar:

  • OPEC and other supply-cutting countries meet in Vienna to review oil supply cuts.
  • Canada reports inflation and retail sales numbers.