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giftedviz.com August 20, 2017


Dow slips 100 points as tensions with N.Korea escalate

13 August 2017, 02:39 | Austin Hogan

S&P closes barely lower despite North Korea tensions

Traders working on the floor of the New York Stock Exchange

On Tuesday, President Donald Trump warned North Korea of "fire and fury" in response to recent threats from Pyongyang, which said it was examining plans for attacking Guam, a US territory in the Pacific with a military base.

U.S. stocks indexes were higher in afternoon trading on Friday, on track to snap a three-day losing streak, as tepid inflation data brought back investors to riskier assets, despite heightened tensions between the United States and North Korea. With the sell-off on the day, the Nasdaq and the S&P 500 fell to their lowest closing levels in a month.

The Dow Jones Industrial Average fell 163 points, or 0.74%, to 21,886, the S&P 500 lost 31 points, or 1.23%, to 2,443 and the Nasdaq Composite dropped 117 points, or 1.84%, to 6,236.

On the USA economic front, a report released by the Labor Department showed a modest uptick in consumer prices in the U.S. in the month of July. On the Nasdaq, 1,846 issues fell and 953 advanced favouring decliners. The major index futures are now pointing to a modestly higher open for the markets, with the Dow futures up by 21 points.

At 1:09 p.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 145 points, or 0.95 per cent, to 15,072.33.

Benchmark 10-year notes last rose 5/32 in price to yield 2.2255 per cent, from 2.242 per cent late on Wednesday.

However, Federal Reserve Bank of New York President William Dudley suggested on Thursday that the central bank was on track to raise interest rates once more as he expects sluggish inflation to rise over the next several months.

Since the beginning of the verbal sparring between the United States and North Korea, the world equity markets have lost 1000 billions of dollars of capitalization, calculated by Reuters.

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In Asia, share markets remained pressured on Friday in morning session after US-North Korea geopolitical tensions came to the fore once again.

But are investors really nervous about a possible military conflict with Kim Jong Un? Trump's comments followed reports that the North has mastered a technology needed to strike the United States with a nuclear missile. Biotech companies Celgene and Amgen lost 3.8 percent and 2.6 percent, respectively. While the German DAX Index has edged down by 0.1%, the French CAC 40 Index and the UK's FTSE 100 Index are both down by 1%. Autodesk (ADSK) and Red Hat (RHT) posted notable gains.

MSCI's gauge of stocks across the globe shed 0.77 percent, on track for its third straight day of declines as it pulled further back from all-time highs.

Apart from geopolitical worries, some technical analysts like Tom McClellan, editor of the McClellan Market Report, blamed seasonality for this week's sharp retreat given August's record as a weak month for stocks.

The latest sell-off was the most severe yet, amounting to the biggest single-day drop for the stock market in almost three months. The low rates have been in recent years one of the fuels of the stock market.

The December gold contract was ahead US$16.70 to US$1,279.30 an ounce.

The yield on the 10-year Treasury bond fell to 2.2% and is approaching its lowest level of the year.

Disappointing quarterly results from big department store chains also weighed down the market.



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