Wednesday, 23 August, 2017

Dow loses more than 100 points amid North Korea tensions

Wood block tower Wood block tower Source
Preston Stone | 13 August, 2017, 13:22

The Nasdaq and the S&P 500 are rebounding after ending Thursday's trading at their lowest closing levels in a month.

The major averages ended the session just off their worst levels of the day.

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.

Outside the political arena, declines in a pair of technology stocks added to the cautious tone on the day.

Shares of Macy's tumbled 10.2 percent and Kohl's was down 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnaround may still be a long way off. Economists had expected prices to rise by 0.2%. Core prices had also been expected to climb by 0.2%.

"From a geopolitical perspective, we understand why the escalation in tensions will have shaken some of the complacency out of investors", said Eric Wiegand, senior portfolio manager at U.S. Bank Private Client Wealth Management.

In unscripted remarks Tuesday night, Mr. Trump said he would bring "fire and fury" against North Korea if it didn't drop its threats. "I think a few investors are capitulating to it".

Trump continued to ramp up the rhetoric with a post on Twitter this morning indicating that the U.S. is prepared to take military action against North Korea.

Justin Upton hammers walk-off two-run home run
Joe Mauer cleared the bases with a double to get the Twins on the board and Eddie Rosario crushed a game-tying homer. Reliever Daniel Stumpf gave up an RBI single to Jason Castro in the fifth, giving Minnesota an 8-6 lead.

The president continued tweeting on Friday, saying that military solutions to the crisis are "locked and loaded". "Hopefully Kim Jong Un will find another path!"

North Korea responded with a statement by its official KCNA news agency claiming Trump is "driving" the Korean peninsula to the "brink of a nuclear war".

In Europe, the Stoxx 600 Index fell 1%. Genesee & Wyoming (GWR) is posting a notable gain after reporting an increase in July traffic.

Smaller-company stocks also fell sharply.

Data storage company Seagate Technology (STX) is posting a standout gain within the hardware sector, climbing by 2.1%. That conflict will continue to weigh on stocks, analysts believe. Hong Kong's Hang Seng Index plunged by 2%, while South Korea's Kospi Index slumped by 1.7%.

Start your day with what's moving markets in Asia. Germany's DAX fell 0.9 percent, while the CAC 40 in France lost 0.5 percent.

In the bond market, treasuries are extending the upward move seen over the two previous sessions.

Economic data showed USA producer prices unexpectedly fell in July, recording their biggest drop in almost a year, while separate figures showed the number of Americans filing for unemployment benefits unexpectedly rose last week.

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