Published: Sat, August 12, 2017
Markets | By Erika Turner

Jittery stock markets fall amid global tension over North Korea

Jittery stock markets fall amid global tension over North Korea

WALL STREET: Losses in health care and consumer-focused companies pulled US stocks lower, snapping a 10-day winning streak for the Dow Jones industrial average.

Stocks are ending broadly lower on Wall Street, led by declines in technology companies and banks, two of the highest-performing sectors over the previous year.

Hours later, North Korea said it was considering launching missiles at Guam. The comments follow reports that the North has mastered a technology needed to strike the United States with a nuclear missile. The Dow also fell 0.5% to dip briefly back below the 22,000 mark, and the Nasdaq tumbled almost 1%.

Saluzzi sees the North Korea concern as an excuse for traders to sell off in a market near record highs given the strength of earnings season and fairly good economic data that have come out recently. The Nasdaq composite lost 39 points, or 0.6 percent, to 6,331. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman all rose, with the Dow Jones US defense index up 1.48 percent at 409.58.

BONDS: Bond prices rose.

"It can not but be a special meeting because of what it will discuss following what North Korea has said", the official said.

Earlier this week, U.S. President Donald Trump said that North Korea would face "fire and fury" if it continued to threaten the States, however North Korea has dismissed these warnings by the U.S. incumbent as a "load of nonsense".

The VIX closed 1.4 percent higher but at the lowest level of the day at 11.11, after rising as high as 12.63.

However, shares of Dean Foods tumbled, trading 20.1 percent weaker at US$11.96 as of 2.24pm in NY, after the USA dairy processor posted quarterly results that fell short of expectations and downgraded its full-year forecast amid "a challenging and rapidly evolving retail environment".

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Stocks are opening lower on Wall Street as investors find little to like in the latest batch of corporate earnings.

The pan-European FTSEurofirst 300 index lost 0.75 per cent and MSCI's gauge of stocks across the globe shed 0.40 per cent. (NWSA) Nordstrom (JWN), Nvidia (NVDA), and Snap (SNAP) are among the companies releasing their quarterly results the close of today's trading.

Two big retailers saw their shares fall rapidly after they announced results this morning. The stock was the biggest decliner in the S&P 500, losing $166.50 to $1,882.50. Health care companies were among the gainers.

The Canadian dollar gave back 0.1 cents to 78.68 cents U.S. Brent crude, used to price worldwide oils, gained 56 cents to $52.70 in London. Netflix was down 1.8 per cent.

Gold fell $2.10 to $1,262.60 an ounce. Silver gained 47 cents, or 2.9 percent, to $16.86 an ounce.

Charter Communications rose 2.9 per cent on news Altice is exploring a bid for the cable giant.

The US dollar fell to 110.48 yen from 110.72 yen late on Monday. The euro slid to $1.1752 from $1.1793. Still, the French CAC 40 is trading below breakeven, down 0.2%. Britain's FTSE 100 added 0.1 percent.

Among other markets, oil prices advanced after a US Department of Energy report showed lower oil inventories. Australia bucked the trend with a 0.4% gain.

In Asia, South Korea's benchmark Kospi index fell 1.1%, and the Nikkei in Tokyo sank 1.3%.

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