Trade worries drag on Wall Street; tech stocks keep Nasdaq afloat

The S&P 500 and the Dow Jones Industrial Average slipped on Thursday, after four sessions of gains, over concerns about the U.S.-China trade war, but gains in technology stocks helped lift the Nasdaq. Washington has proposed slapping tariffs on a further $200 billion worth of Chinese goods, which will come into effect next month after a public comment period ends on Wednesday, Sept. 5. Metal prices fell as the Sino-U.S. trade tensions upstaged optimism that the United States and Canada could clinch a new North American Free Trade Agreement (NAFTA). The S&P materials index (SPLRCM) sank 1.27 percent, the most among the 11 major S&P sectors. Trade-sensitive industrials (SPLRCI) fell 0.5 percent, led by Caterpillar's (N:CAT) 1.2 percent decline.