etvfutures.com
etvfutures.com August 19, 2017


Korean shares end lower on foreign selling amid tensions over N. Korea

13 August 2017, 12:05 | Cesar Cruz

Tech companies lead broad slide in US stocks; oil rises

Traders working on the floor of the New York Stock Exchange

U.S. President Donald Trump told reporters at his golf club in Bedminster, New Jersey, on Thursday that he will respond forcefully to any North Korean attack on the U.S. or its allies.

USA stock indexes opened higher for the first time in four days on Friday after tepid data pointed to benign inflation that could make the Federal Reserve cautious about raising rates again this year, even as concerns lingered over rising tensions between the United States and North Korea.

"A pullback is good so the market doesn't get unidirectional".

"There was some skittishness earlier but then some buyers stepped in", he said.

The Nasdaq finished the day at 6,216.87, a slide of 135.46, while the S&P 500 lost almost 1.5 percent, ending the day at 2,438.21.

At the close trading in NY, the Dow Jones Industrial Average was down 204.69 points, or 0.9%, to 21,844.01, its biggest one-day fall since May 17.

The escalation provided an excuse for a selloff many investors consider overdue, some investors and analysts said.

Still, the S&P 500 is on track to post its biggest weekly loss in about nine months. "This is a normal fluctuation, it just seems so odd because we have hardly had any volatility", said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis.

The Chicago Board Options Exchange's Volatility Index, considered one of the best gauges of fear in the market, hit its highest level since May on Thursday.

Investors said the week's swings were as much a result of earnings as geopolitics. It slipped Friday but was up more than 50% for the week.

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Retailers slid after department stores Macy's and Kohl's both said same-store sales continued to decline in the second quarter.

Disney dropped 4.5 percent after reporting a weak quarter and saying it would pull its movies from Netflix and start its own video streaming services.

The last time the S&P closed down more than 1 percent was May 17 when it fell 1.8 percent. On Thursday, fellow newly public company Blue Apron Holdings lost 18% after the meal-kit maker reported rising costs amid increased competition. The September copper contract was down two cents to $2.91 a pound.

Overall it has been a strong stretch for corporate profits.

The consumer price data, which pointed to weak inflation, could cause the Federal Reserve to hold off from raising rates again this year.

10-Year Treasury Yield 2.20% -0.03%.

A Labor Department report showed its producer price index posted a surprise drop in July, down 0.1% for the largest slide in nearly a year.

While gold, a safe-haven favourite, pared some gains it was last up 1.2 per cent at around its highest since mid-June, while the Swiss franc and the Japanese yen also rose.

Friday's report was the latest in a string of lackluster inflation readings, which have surprised many investors who had entered the year betting on an upsurge in economic growth and inflation.



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