Marcha 19, 2018

Wall St ends off lows as traders buy N. Korea dip

10 Agosto 2017, 08:46 | Dolorita Barahona

European stocks set for lower open on North Korea tensions; Novo Nordisk reports

A street sign for Wall Street is seen outside the New York Stock Exchange in Manhattan New York City

The Swiss Franc is now lower against the US Dollar but managed to hold onto the majority of gains made yesterday in the aftermath of elevated political tension between North Korea and the United States. Those shares tracked a climb of more than 1% in gold prices, to almost $1,280 an ounce.

All 11 major S&P sectors were lower and the consumer discretionary index was the biggest loser with a 1 percent drop.

The Dow finally ended 0.2 percent lower at 22,085.34 points.

Mounting tensions lifted U.S. defense stocks.

North Korea said it was considering plans to fire missiles at Guam, a US-held Pacific island, after President Donald Trump on Tuesday warned the nuclear-armed nation that it would face "fire and fury" if it threatened the United States. "The sell-off caused by geopolitical tensions on North Korea will likely be short-lived as long as both Trump and Kim Jong Un keep making feints against each other and neither takes military action", said Tomoaki Fujii, head of the investment research division at Akatsuki Securities Inc in Tokyo. This is surely welcome news after 2016 was the first year in which overall productivity in the USA dropped since 1982.

The dollar pared gains slightly after Trump's North Korea comments, still supported by the job market data which underscored the view that the Federal Reserve has ammunition to continue on its tighter monetary policy path.

The Bank of Japan said that producer prices were up 0.3 percent on month in July. Its shares slid $9.77, or 5.3 percent, to $174.02. Netflix was down 3.84 percent.

Futures markets were also pointing to a lower start for Wall Street, where missile makers have been the only significant gainers in recent days.

The dollar index .DXY rose 0.23 percent, with the euro EUR= down 0.39 percent to $1.1747.

Options traders gear up for Snap's second earnings report as a public company.

Macy's slumped 4.3% after reporting its 10th straight decline in a key sales measure.

Energy stocks fell along with the price of crude oil. Its shares tumbled $10.14 to $63.20. The stock fell 85 cents to $12.76.

Bond prices were little changed. Brent crude, the worldwide standard, lost 23 cents to $52.14 a barrel in London.

CURRENCIES: The dollar slipped to 109.35 yen from 109.85 late Wednesday.

The euro fetched $1.1748, not far off from $1.1752 late Wednesday in NY.

In a tense situation like this, equity markets can move lower exceptionally fast, and investors don't want to be caught on the wrong side of the markets, so they are getting out now'.

The pan-European FTSEurofirst 300 index lost 0.75 per cent and MSCI's gauge of stocks across the globe shed 0.40 per cent. Britain's FTSE 100 added 0.1 percent.

Spot gold added 0.7% to $1,285.70 an ounce.

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