TSX hits 1-month low on risk aversion, lower oil prices

13 Août, 2017, 07:11 | Author: Marc Bacque
  • Reuters

The U.S. equity market is hovering near record levels and volume has been tepid following the onset of summer.

Shares of health care equipment and services company Henry Schein Inc. declined amid a broader slide by health care stocks.

The mounting tensions between North Korea and the U.S. took its toll on the market for the third day in a row.

The Standard & Poor's 500 index fell 24 points, or 1 percent, to 2,449 as of 2:16 p.m. The Dow Jones Industrial Average slid 204.69 points, or 0.9 percent, to 21,844.01, just shy of its low point for the day.

The Nasdaq Composite was up 34.61 points, or 0.56 percent, at 6,251.48. The Russell 2000 index of smaller-company stocks gave up 19 points, or 1.4 percent, to 1,377.

USA stocks moved lower in morning trading Wednesday as traders weighed the growing tensions between the US and North Korea.

Trump was responding to North Korea's claim it was completing plans to fire four intermediate-range missiles over Japan to land near the US Pacific territory of Guam.

United States 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. The back and forth put investors in a selling mood for the third day in a row.

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THE QUOTE: "The market has been looking for an excuse to sell off and North Korea and the president gave the market that excuse", said David Schiegoleit, managing director at the U.S. Bank Private Client Wealth Management. Titled "Reckless game over the Korean Peninsula runs risk of real war", the editorial suggested China will stay neutral if North Korea strikes first, but will intervene if the U.S.is the first mover.

The latest sell-off was the most severe yet, amounting to the biggest single-day drop for the stock market in almost three months. MetLife fell 75 cents, or 1.6 percent, to $47.56, while Charles Schwab slid 69 cents, or 1.6 percent, to $41.33. Banks and retail chains were also among the big decliners. Macy's was down 9.7 percent after the company said its sales continued to decline in the second quarter. The stock lost $2.36, to $20.67.

Technology stocks, the biggest gainers this year, led Thursday's market slide. Its shares tumbled $11.35 to $61.99. Netflix also fell, giving up $4.57, or 2.6 percent, to $173.79.

UNDERCOOKED: Blue Apron slumped 17.1 percent after the meal kit seller reported a sequential decline in customers in the second quarter due to a planned reduction in marketing. The trend appeared to overshadow strong quarterly revenue growth in the quarter. The euro fell to $1.1728 from $1.1757.

Bond prices were little changed. "I think before the end of the year the market goes to new highs and (Treasury) yields go higher". Oil prices were headed higher. Brent crude, used to price global oils, slid 52 cents, or 1 percent, to $52.18. Biotech companies Celgene and Amgen lost 3.8 percent and 2.6 percent, respectively.

METALS: Gold added $10.80, or 0.8 percent, to settle at $1,290.10 an ounce. Copper fell 2 cents to $2.90 a pound. The major index futures are now pointing to a modestly higher open for the markets, with the Dow futures up by 21 points.

Gold added $10.80, or 0.8 percent, to settle at $1,290.10 an ounce. Britain's FTSE 100 sank 0.7 per cent to 7,447.21. Hong Kong's Hang Seng was off 0.3 percent. Both the core and headline rates are expected to have risen by 0.2 percent during July.

Excluding food and energy prices, core consumer prices still crept up by 0.1 percent in July, matching the increases seen in the three previous months.

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