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emfizz.com August 17, 2017


Trump on North Korea; Google scandal; Trouble at Snap

12 August 2017, 09:43 | Jan Cross

US stocks close lower after President Trump's remarks to North Korea

Global stocks fall on Trump's North Korea warning; US$ up after data

Overnight, Wall Street closed sharply lower after Trump, with fiery rhetoric, warned Pyongyang against attacking Guam or United States allies after it disclosed plans to fire missiles over Japan to land near the U.S. Pacific territory.

At 11:03 a.m. ET (1503 GMT), the Dow Jones Industrial Average .DJI was down 110.36 points, or 0.5 percent, at 21,938.34, the S&P 500 .SPX was down 19.12 points, or 0.77 percent, at 2,454.90.

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. Nasdaq-100 futures shed 13.75 points, or 0.2%, to 5,776.

North Korea said it was considering plans to fire missiles at Guam, a USA -held Pacific island, after President Trump's warning on Tuesday. The Russell 2000 index of smaller-company stocks ticked up 0.2% to 1,416.

North Korea said it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific island territory of Guam in an unusually detailed threat. On Monday, the S&P 500 and Dow closed at record highs. Apple was down 2.3 percent, weighing most on the index.

Gold prices rose while the yen hit an eight-week high against the dollar and made broad gains against other peers, reacting to the political tensions stemming from the Korean Peninsula.

The overall financials group, which accounts for roughly a third of the index, declined 1.4 percent, while energy shares also fell 1.4 percent as oil prices turned down.

"I think the market was looking for a reason to come off here", said Irwin Michael, portfolio manager at ABC Funds.

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"Gold, of course, is already a core asset class for central banks, the super-rich and what are classified as 'the global poor.' Should the North Korea situation develop it may just prove to be the catalyst to push the institutional world to commit flows back to this asset class on a sustained basis".

IN A SKID: Avis Budget Group slumped 6.8% to $31.13 after the auto rental company cut its guidance following a weak second quarter.

The FTSE 100 firm announced in March a year ago that it would run its US-based asset management operation, its UK-based wealth unit, an emerging markets division and Nedbank in South Africa as separate businesses.

Blue Apron APRN.N slumped as much as 19.1 percent to a record low after the meal-kit delivery service provider reported a bigger-than-expected loss in its first quarterly report as a public company.

Crude oil was 0.5 percent higher with prices at $49 per barrel.

Gold fell $2.10 to $1,262.60 an ounce.

Benchmark U.S. 10-year notes last rose 6/32 in price to yield 2.1905 percent, from 2.211 percent late on Thursday.

Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in USA crude inventories, leaving prices volatile.



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