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giftedviz.com August 20, 2017


USA stocks tumble on North Korea worries

13 August 2017, 03:15 | Austin Hogan

Dollar slumps, Tokyo tanks as North Korea tensions spike

Escalating US-North Korea tensions hit markets

At 9:38 a.m. ET (1338 GMT) the Dow Jones Industrial Average was down 85.43 points, or 0.39 percent, at 21,963.27, the S&P 500 was down 10.31 points, or 0.42 percent at 2,463.71. The S&P 500 added 0.3%, though it was on course to end the week down 1.3%, its biggest loss since March.

The Nasdaq composite fell 13.31 points, or 0.2 percent, to 6,370.46.

The Russell 2000 index of smaller companies gave up 24.40 points, or 1.7 percent, to 1,372.54.

Energy stocks fell along with the price of crude oil.

Stocks were trading lower on Thursday, Aug. 10, as the threat of conflict with North Korea continued to percolate.

The remarks followed a new report asserting that US intelligence has assessed that Pyongyang has successfully produced a nuclear warhead that can fit inside its missiles.

"Given the great run we've had, seems like some sort of pullback wouldn't be surprising", said Michael Baele, managing director of investments at U.S. Bank Private Wealth Management.

South Korean stocks extended losses late Wednesday morning as rising tensions over North Korea's nuclear and missile programs weighed on the main index. The slide deepened after Trump's remarks on North Korea aired.

Stocks in Asia declined with United States equity index futures and the South Korean currency tumbled as investors took a risk-off approach after the USA and North Korea exchanged threats amid escalating tensions between the two nations.

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Japan is the world's biggest creditor country and there is an assumption investors there will repatriate funds in a crisis. Computer hardware stocks rebounded following recent weakness, with the NYSE Arca Computer Hardware Index climbing by 1.4%.


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Beyond geopolitical concerns, investors continued to size up company earnings reports. The stock fell $3.30 to $30.09.

Traders snapped up shares in companies that delivered strong quarterly results.

Large retailers Macy's and Kohl's tumbled on Thursday after they reported another quarter of shrinking sales.

Priceline Group dropped 8 percent after issuing a profit forecast that was weaker than analysts were expecting. The yield on the 10-year Treasury note slipped to 2.21 percent from 2.25 percent late Wednesday. And Blue Apron shares dipped after its first earnings report as a public company.

"Although we certainly can get a 5 to 7 percent correction, we don't think it's the start of a significant bear market", Peterson noted.

Benchmark U.S. crude fell 22 cents to $49.17 a barrel on the New York Mercantile Exchange.

Gold fell $2.10 to $1,262.60 an ounce. The September copper contract was down two cents to US$2.91 a pound.

The tensions, since Trump made his "fire and fury" comments on Tuesday, have wiped out almost $1 trillion from the global equity markets. Wall Street was poised for a soft opening with S&P futures and Dow futures both down 0.2 percent. Britain's FTSE 100 added 0.1 percent.



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