U.S. stocks tumble on North Korea worries

13 Août, 2017, 22:27 | Author: Marc Bacque
  • Kim Jong-un the Communist dictator of the Democratic Republic of North Korea

The North Korea situation isn't the only thing weighing on stocks.

On Friday, the president appeared to double down on his earlier threat, warning on Twitter that military solutions are in place and "locked and loaded". "Hopefully Kim Jong Un will find another path!"

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, rose to a near three-month high of 15.36.

Many market participants have been calling for a significant decline on the S&P 500. The boost today continues the rental auto stock's pattern of big post-earnings moves, and has the shares testing their 180-day moving average, a level the stock has not surpassed since September 2016.

The benchmark S&P 500 index tumbled more than 1 percent on Thursday, only the third time this year it has fallen that much, while the Nasdaq shed more than 2 percent.

US stocks were on track for their biggest weekly loss in months, shaken by disappointing earnings results and an escalation of threats between the USA and North Korea.

North Korea on Thursday outlined details for a missile strike near the USA territory of Guam, adding fuel to rising tensions with the United States.

"If anything, maybe that statement wasn't tough enough", Trump said to a pool of reporters Thursday. When you're due, there's always going to be something that happens in the world that's going to make people nervous.

Excluding food and energy prices, core producer prices still dipped by 0.1% in July after creeping up by 0.1% in June. Wall Street was poised for a soft opening with S&P futures and Dow futures both down 0.2 percent.

The S&P is trading near its most expensive valuation level since 2004, as measured by the price-to-12-month forward earnings ratio.

Cempra (CEMP) helped to lead the biotech sector lower, extending the pullback seen over the course of the previous session. Hong Kong's Hang Seng Index plummeted 560.49 points or 2 percent to 26,883.51. The index is bouncing off its lowest closing level in six months. On Friday, fellow retailer J.C. Penney dropped 16% after its second-quarter loss exceeded expectations.

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Oil prices closed lower after an early rally faded.

Railroad stocks have shown a strong move to the upside on the day, driving the Dow Jones Railroads Index up by 1.3%. Meanwhile, after jumping USD10.80 to USD1,290.10 an ounce in the previous session, gold futures are climbing USD6.50 to USD1,296.60 an ounce.

Benchmark U.S. crude fell 97 cents, or 2 percent, to $48.59 a barrel on the New York Mercantile Exchange.

CURRENCIES: The euro slipped 0.1 percent to $1.1176 while the dollar was steady at 109.20 yen. The Japanese market was closed in observance of the Mountain Day holiday.

The president said "things will happen to them they never thought possible" should Pyongyang attack the USA or its allies.

And in a textbook-type cross-asset move toward safety in times of trouble, the Japanese yen hit an eight-week high against the US dollar while spot gold also reached a two-month high.

In Europe, Britain's FTSE 100 was down 1.1 percent to 7,306, while France's CAC 40 fell 1.1 percent to 5,058. Shanghai's main index also tumbled 1.6 percent to 3,208.54 while Australia's S&P/ASX 200 dropped 1.2 percent to 5,693.10.

If the decline continues, Paulsen said, it will be "a good buying opportunity".

Mining heavyweights BHP Billiton and Rio Tinto retreated 2-3 percent, while gold miners Evolution and Newcrest rose about 2 percent each.

Priceline Group slumped 6.5% after issuing a profit forecast that was weaker than analysts were expecting.

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