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emfizz.com August 17, 2017


Tech companies lead worst day for stock market since May

13 August 2017, 02:23 | Jan Cross

CANADA STOCKS-TSX falls as North Korea tensions spur flight to safety

Traders work on the floor of the New York Stock Exchange

The rhetoric, which began late Tuesday and continued into Friday, interrupted stocks' march higher and cracked the calm that has enveloped the market for months.

But in the US, Wall Street stocks rose as investors waded back into the market following a three-day sell-off, with high-flying technology companies like Apple and Microsoft doing especially well.

USA equities steepened their losses late in the session after President Donald Trump said his earlier warnings to North Korea may not have been tough enough.

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

The Toronto Stock Exchange's S&P/TSX composite index was up 21.58 points, or 0.14 per cent, at 15,277.93 shortly after opening in negative territory.

S&P 500 e-minis were up 1.5 points, or 0.06 percent, with 300,073 contracts traded. The major index futures are now pointing to a modestly higher open for the markets, with the Dow futures up by 21 points.

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

However these stocks - along with tech giants Microsoft and Alphabet, Google's parent - have been among the top performers all year. The move added to escalating U.S.

The CBOE Volatility Index - a measure of investors' expectations for swings in the S&P 500 over the next 30 days - surged 44% to 16.04 Thursday - its highest level since U.S. Election Day. It slipped Friday but was up more than 50% for the week.

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"There's a lot of unknowns out there; we're past the good news of earnings", he said.

J.C. Penney slumped 24.4 percent to a record low after the retailer reported a bigger-than-expected quarterly loss.

Nvidia's quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 3.90%.

Wilmar International slipped 6.4 per cent or 22 cents to $3.20; Hongkong Land lost 2.1 per cent or 16 U.S. cents to US$7.34.

USA government bonds strengthened Friday as soft inflation data led investors to further scale back expectations for interest-rate increases from the Federal Reserve.

The yield on the 10-year Treasury bond fell to 2.2% and is approaching its lowest level of the year.

U.S. stocks have risen week after week this year - with the S&P up more than 9 percent - in extremely low volatility, as strong corporate earnings and an improving global economy offset disappointment that U.S. President Donald Trump's promises to lower corporate taxes and implement a massive infrastructure spending have so far failed to see the light of day.

The Labour Department said that its Consumer Price Index inched up 0.1% last month, pointing to subdued inflation which could make Federal Reserve policy makers cautious regarding another interest rate hike in 2017.



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