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emfizz.com August 17, 2017


Stocks Regain Ground But Still Close Lower For The Week

12 August 2017, 12:23 | Patty Hardy

Tough Enough For You? Dow Drops 200 Points as War of Words Escalates

Safe-haven currencies rally as US-North Korea tensions escalate

While the Nasdaq climbed 39.68 points or 0.6% to 6,256.56, the Dow inched up 14.31 points or 0.1% to 21,858.32 and the S&P 500 edged up 3.11 points or 0.1% to 2,441.32. The average for new 52-week lows this year is about 230 per day. The Dow slumped by 1.1%, while the Nasdaq and the S&P 500 tumbled by 1.5% and 1.4%, respectively.

Even so, Wall Street remains near record highs.

Positive sentiment was also generated by a report from the Labor Department showing just a modest uptick in consumer prices in the month of July.

"Both (PPI measures) were well below consensus and give us no hope that consumer price inflation is going to materially beat expectations", said Chris Weston, chief market strategist at IG Markets.

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.

Analysts said yields, which move inversely to prices, could fall further if the geopolitical tensions continue to rise - even if central bankers in the United States continue to talk of raising interest rates or scaling back stimulus programmes. BNY Mellon FX strategist Neil Mellor told Reuters that in recent years, "the market hasn't really reacted to things on the Korean Peninsula" because in the past "it [has been] largely North Korean sabre-rattling".

The threat followed U.S. President Donald Trump's warning on Tuesday that any threats by Pyongyang would be "met with fire and fury like the world has never seen".

"Military solutions are now fully in place, locked and loaded, should North Korea act unwisely".

Trump took specific aim at North Korean leader Kim Jong Un on Thursday, saying, he had "disrespected our country greatly", and would not be "getting away with it".

If North Korea launches an attack that threatens the United States then China should stay neutral, but if the United States attacks first and tries to overthrow North Korea's government China will stop them, a Chinese state-run newspaper said on Friday. The stock lost 78 cents to $3.93.

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Major indexes in Europe closed mostly lower. Against the yen, the euro last traded at 128.29 yen, down 0.2 percent. Autodesk (ADSK) and Red Hat (RHT) posted notable gains.

Futures markets were also pointing to a lower start for Wall Street, where missile makers have been the only significant gainers in recent days.

In overseas trading, stock markets across the Asia-Pacific region saw continued weakness during trading on Friday.

THE QUOTE: "Risk-averse sentiment is dominating global equities markets, and US indices have retraced from record levels over the last two days". Japan was closed on a public holiday.

The dollar index fell 0.3 percent, with the euro up 0.36 percent to $1.1812.

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

Benchmark 10-year notes last rose 5/32 in price to yield 2.194 percent, from 2.211 percent late on Thursday. At the same time, North Korea dismissed threats by President Trump as a lot of "nonsense".

The Federal Reserve is also scheduled to release the minutes of its latest monetary policy meeting, which may shed some light on the outlook for the interest rates.

Stock movers:Nordstrom Inc.(JWN) shares earlier rose after the retailer posted earnings that beat expectations (http://www.marketwatch.com/story/nordstrom-shares-rise-after-retailer-tops-views-sales-rise-2017-08-10) but the stock is trading mostly flat.



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