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North Korea tensions continue to weigh on global stocks
13 August 2017, 05:38 | Austin Hogan
GETTYStock market crash could hurt Britons pension savings
Aug 11 (Reuters) - U.S. stocks were modestly higher in late morning trading on Friday as investors cautiously dipped back into riskier assets, after a three-day losing streak on concerns over escalating tensions between the United States and North Korea.
The S&P 500 index had its biggest one-day drop in nearly three months on Thursday as investors fled riskier assets, with technology stocks leading the charge, in response to an increasingly aggressive exchange of threats between the United States and North Korea.
Department store operator J.C. Penney (JCP) is also among the companies due to report their results before the start of trading on Friday.
U.S. stocks joined the downward trend after investors were left rattled by President Donald Trump's "fire and fury" warning to North Korea.
At 9.38 am ET (1338 GMT) the Dow Jones Industrial Average was down 85.43 points, or 0.39 per cent, at 21,963.27, the S&P 500 was down 10.31 points, or 0.42 per cent at 2,463.71.
Dow e-minis were down 24 points, or 0.11 percent, with 22,166 contracts changing hands.
The pan-European STOXX 600 was down 0.7% at closing, France's CAC 40 fell 1.4% after a vehicle hit a group of soldiers in Paris in what is thought to have been a deliberate act, and a fall in bond yields saw Germany's DAX down 1.1%. Humana rose $3.59, or 1.4 percent, to $253.81.
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S&P falls 1.4 percent in safety flight on North Korea tensions
The data comes amid tepid inflation that has remained below the Federal Reserve's 2 percent target, despite low unemployment. The Dow Jones was down 0.3% in opening trade, declining to 22,016.8 and the wider S&P 500 index dropped 0.48% to 2,463.18.
Ralph Lauren gained $10.38, or 13.3 percent, to $88.53, while peer-to-peer loan company LendingClub added 99 cents, or 18.1 percent, to $6.45.
In bond markets, the yield on US Treasuries fell, also pressured by the lowered expectations for a Fed move.
Nvidia's quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 5.43 percent.
The U.S. dollar fell to 110.48 yen from 110.72 yen late Monday. Brent crude, used to price worldwide oils, was down 16 cents to $51.74 a barrel in London. Investors welcomed new data showing USA inflation at the consumer level inched higher last month, suggesting that the Federal Reserve may be less likely to raise interest rates next month. The euro strengthened to $1.1756 from $1.1752.
Traders saw the chance of a rate hike in December fall to 40 percent from 42 percent shortly before the release of the data, according to Federal funds futures. Regeneron Pharmaceuticals led the pack, adding $4.47, or 1 percent, to $474.15. The index dropped to a one-month closing low.
ASIA'S DAY: Japan's benchmark Nikkei 225 inched down less than 0.1 percent to finish at 19,729.74. The Shanghai Composite slipped 0.4 percent to 3,261.75.
"As a portfolio manager, you say, 'Do I think we'll get a war out of this?' " said Torsten Slok, chief global economist at Deutsche Bank, referring to the bluster between North Korea and President Donald Trump.
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The forced sharing of intellectual property with Chinese firms has been a long-standing concern of the USA business community. On Saturday, administration officials said the new trade measure was "totally unrelated" to events involving North Korea.