U.S. stocks slipped on Thursday as oil prices slid, industrials dropped on worries over U.S.-China trade spat and Amazon led a decline in online retailers after the Supreme Court let states force the companies to collect sales tax.
Amazon dropped as much as 1.9 percent, before paring losses to trade down 1 percent. Wayfair, Overstock.com, Etsy and Ebay fell between 1.9 percent and 5.2 percent.
“Traders are very reactionary to Supreme Court news that could impact the balance sheet of online retailers,” said Andrew Thrasher, portfolio manager with Financial Enhancement Group LLC in Indianapolis, Indiana.
“Right now all online retailers and tech stocks are getting thrown out with the bath water, so to speak, before we truly understand the implications (of the ruling).”
Another big drag was Intel, which retreated 2.4 percent after Chief Executive Officer Brian Krzanich resigned following a probe that revealed a past consensual relationship with an employee violated company policy.