Tech companies lead broad slide in USA stocks; oil rises

13 Août, 2017, 15:20 | Author: Marc Bacque

A small rise in a measure of US consumer prices pointed to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year, which would be favorable to equity investors. On the Nasdaq, 1,846 issues fell and 953 advanced favoring decliners.

"The slight bias to the upside (in stocks) is a result of the CPI number".

JJ Kinahan, chief strategist at TD Ameritrade, said geopolitics had "splashed cold water on the markets". Netflix was down 2.35 percent.

The Dow Jones Industrial Average (DJIA) ended its streak of record highs today, finishing lower for a second session after dismal Disney earnings and amid building tension with North Korea.

Until this week, the equity market had managed to shake off negative news, including previous saber-rattling over North Korea and failures in Washington to pass high-profile bills, such as repealing and replacing Obamacare.

Simmering tensions between the U.S. and North Korea have come back to the boil in recent days after Pyongyang disclosed plans to fire missiles over Japan to land near America's Pacific territory of Guam.

Major U.S. indices had posted record highs in recent weeks.

ASIA'S DAY: Earlier, Asia bore the brunt of the mounting geopolitical uncertainty, with South Korea's Kospi index closing down 1.7 percent at 2,319.71 and Hong Kong's Hang Seng ending 2 percent lower at 26,883.51.

In Europe, Germany's DAX fell 1.1 percent, while the CAC 40 in France lost 0.6 percent.

"Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay.

Gold steady near 2-mth highs as N. Korea tensions continue
MSCI's broadest index of Asia-Pacific shares outside Japan skidded 1.55 percent, its biggest one-day loss since mid-December. USA crude (CLc1) was unchanged at $48.59 per barrel and Brent (LCOc1) was last at $51.84, down 1.63 percent on the day.


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The CBOE Volatility Index.VIX, the most widely followed barometer of expected near-term stock market volatility, was up as much as 12.63 points, its highest in more than a month.

The Swiss franc, meanwhile, looked set for its biggest one-day rise in more than two years. The Russell 2000 index of smaller-company stocks gave up 8 points, or 0.6 percent, to 1,401. The Korean won fell against the United States dollar.

"If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year", said Sireen Harajli, FX strategist at Mizuho in NY.

The S&P 500 Index (SPX - 2,474.02) lost 0.9 point, or 0.04%.

The last time the S&P closed down more than 1 percent was May 17 when it fell 1.8 percent.

In bond markets, the yield on U.S. Treasuries fell, also pressured by the lowered expectations for a Fed move.

Data showed US producer prices unexpectedly fell in July, recording their biggest drop in almost a year, while another set showed the number of Americans filing for unemployment benefits unexpectedly rose last week.

The 30-year bond last /32 in price to yield 2.7933 percent, from 2.794 percent late on Thursday. Silver also rose, gaining 38 cents, or 2.3 percent, to $16.77 an ounce.

OIL: Benchmark U.S. crude gained 4 cents to $49.60 a barrel on the New York Mercantile Exchange. Brent crude, used to price global oils, slid 80 cents, or 1.5 percent, to $51.90.

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