US stocks slide amid heightened US-North Korea tensions

A man looks at an electronic board showing Japan's Nikkei average outside a brokerage at a business district in Tokyo Japan
Image Japan's Nikkei had fallen overnight on Tuesday following the rise in tension
Author

10 August, 2017

Geopolitical concerns continue to weigh on Wall Street amid an ongoing escalation in tensions between the US and North Korea.

All three major stock indexes dropped 0.2 per cent at the close, with the Dow Jones Industrial Average finishing at 22,085.34, halting a almost two-week run of closing records.

All the 11 major S&P indexed were lower, with technology sector's 0.62% leading the decliners.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday. Crude oil prices headed lower.

Blue Apron Holdings Inc (NYSE:APRN) posted a steeper-than-expected loss in its first quarterly report as a public company, though the meal service provider's revenue exceeded forecasts and its customer base grew by 23% during the past year.

The Dow Jones Industrial Average ended down 33.08 points, or 0.15 per cent, at 22,085.34, snapping a 9-day streak of closing records.

Gold was the big victor Wednesday as stocks pared back to moderate losses and Walt Disney (DIS) dragged on the Dow, while Netflix (NFLX) and Priceline Group (PCLN) hindered the Nasdaq and retailers took some brutal hits after reporting second-quarter results.

Shares of Macy's tumbled 8.3 percent and Kohl's 7.3 percent after the department store operators reported a drop in quarterly same-store sales that stoked concerns that their turnaround may still be a long way off.

The Nasdaq composite fell 13.31 points, or 0.2 percent, to 6,370.46. The S&P 500 and Dow were both coming off record highs.

European shares were also lower following reports that a vehicle had rammed a group of soldiers in Paris, injuring six before speeding off in what officials identified as a suspected terrorist attack.

A fresh batch of retail earnings is in focus, too, with Dillard's among several stocks within the sector set to plunge after reporting.

IN A SKID: Avis Budget Group slumped 6.8 percent after the auto rental company cut its guidance following a weak second quarter.

The Nasdaq is up 0.77 points, or 0.01 percent.

Safe-haven assets gained. Gold rose 1.2 percent, while the Swiss franc was on track to post its biggest single day rise in about two-and-a-half years.

BONDS: Bond prices fell.

NO ALARM: Envision Healthcare was up 4.5 percent after the ambulatory surgery center company said it will sell its medical transportation business to KKR.

Benchmark U.S. crude fell 22 cents to $49.17 a barrel on the New York Mercantile Exchange. South Korea's Kospi also suffered a loss, giving back 0.4%.

Meanwhile, gold stocks are bucking the downtrend, driving the NYSE Arca Gold Bugs Index up by 1.2 percent.

CURRENCIES: The dollar slipped to 109.78 yen from 110.06 late Wednesday in Asia. The Shanghai Composite Index lost 0.2 per cent to 3,275.57 and Hong Kong's Hang Seng was off 0.3 per cent at 27,757.09. The yield on the 10-year Treasury note held steady at 2.26 percent. The euro slid to $1.1760 from $1.1793.


More news


  • Fan Rushes Stage at Britney Spears Show, Gets Tackled by Security

    Fan Rushes Stage at Britney Spears Show, Gets Tackled by Security

    He remains out of her field of vision as he gets put on the ground by dancers and security gaurds. In the footage from TMZ , Britney can be seen performing when a man rushes the stage behind her.
    Conte: Chelsea must make signings

    Conte: Chelsea must make signings

    The club drew a lot of games last season and it wouldn't take a huge amount to turn some of those into victories this time around. His ability to make something out of nothing and create things from nowhere makes him a really special player.

    What Are Analysts Report About CPI Card Group, Inc. (PMTS)

    Chief Technology Officer at CPI Card Group, Inc ., Arbabha Jay on 2017-05-08 Buy 7500 shares of the company at a price of $2.89. GEMP share have rallied by 26.66% in percentage terms since the start of the year - and retreated -23.91% in the last month.
  • McCain offers new strategy to 'turn the tide' in Afghanistan

    McCain offers new strategy to 'turn the tide' in Afghanistan

    He also proposed tough measures against Pakistan for its continued support to terrorist groups. During a February 10 Senate Armed Services Committee hearing , Army Gen.
    Percent Would Support Postponing the 2020 Election

    Percent Would Support Postponing the 2020 Election

    Fifty-six percent said they would support delaying the election if both Trump and Republicans in Congress suggested it. Fifty-two percent would support postponing the election. 73 percent believe voter fraud happens somewhat or very often.
    LS Investment Advisors LLC Boosts Stake in Bank of America Corporation (BAC)

    LS Investment Advisors LLC Boosts Stake in Bank of America Corporation (BAC)

    Shares of Bank of America Corporation ( NYSE BAC ) traded down 0.9643% during midday trading on Wednesday, reaching $24.6599. Rockshelter Capital Management Llc bought 44,628 shares as the company's stock declined 3.34% while stock markets rallied.
  • Chicago Bridge Plummets After Suspending Dividend

    Chicago Bridge Plummets After Suspending Dividend

    Analysts are weighing in on Chicago Bridge ( CBI -32.1%) after it lost nearly a third of its value since yesterday's Q2 results . Finally, Twin Capital Management Inc. boosted its position in Chicago Bridge & Iron Company N.V.by 10.6% in the second quarter.
    Two more owners join the Overwatch League

    Two more owners join the Overwatch League

    Overwatch League teams will earn equal shares of league-wide net revenues, but will also keep the majority of local revenues earned through licensing, sponsorships, merchandising, and so forth.
    Chinese language banners at ECRL launch infuriates Perkasa

    Chinese language banners at ECRL launch infuriates Perkasa

    But Mr Najib dismissed the concerns in a speech on Tuesday, saying turning away Chinese investment made "no economic sense". Mr Najib made the comments at the groundbreaking ceremony of the ECRL in Kuantan on Wednesday (Aug 9).
  • Malware has been written into DNA for the first time

    Malware has been written into DNA for the first time

    This command was created to target a particular flaw that the team had previously discovered in the DNA processing programme. This pipeline includes any facility that accepts DNA samples for computer-based gene sequencing and processing.
    Russian citizen detained in Turkey over attempted drone attack at United States  aircraft

    Russian citizen detained in Turkey over attempted drone attack at United States aircraft

    A Russian national was arrested Thursday over alleged plans to crash a drone into a US military flight, police said. Air Force uses Incirlik air base as a staging post for launching airstrikes against IS targets in Syria and Iraq.
    John Kerry says vote-counting key in Kenya polls

    John Kerry says vote-counting key in Kenya polls

    If the front-runner falls short of those benchmarks, the two top contenders will contest a run-off vote. Kenya's striking Maasai people brought their trademark color and beads the country's elections Tuesday.