Wall St opens lower as N.Korea tensions escalate

Ivan Schwartz
August 11, 2017

USA stocks closed lower on Tuesday after Trump's comments sparked a late afternoon selling.

North Korea claimed "only absolute force" can work on someone as "bereft of reason" as Trump and detailed plans to fire a salvo of missiles into waters around the US Pacific territory of Guam.

The Chicago Board Options Exchange's Volatility Index, considered one of the best gauges of fear in the market, hit its highest level since May on Thursday.

The Dow Jones Industrial Average .DJI fell 36.64 points, or 0.17 percent, to end at 22,048.7, the S&P 500 .SPX lost 0.9 point, or 0.04 percent, to 2,474.02 and the Nasdaq Composite .IXIC dropped 18.13 points, or 0.28 percent, to 6,352.33.

The Canadian dollar was trading at an average price of 78.67 cents USA, down 0.04 of a US cent.

Consumer-focused stocks, media companies and banks accounted for much of the market decline. Gold rose as much as 1.2 per cent to a near two-month high, while the Swiss franc was on track to post its biggest single day rise in about two-and-a-half years.

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CCI is relatively high when prices are much higher than average, and relatively low when prices are much lower than the average. A CCI reading of +100 may represent overbought conditions, while readings near -100 may indicate oversold territory.

Mounting tensions between the U.S. and North Korea have weighed on equity markets, sending the majority of the Asian and European bourses into red territory and inducing a spike in volatility. The share price of G4S, the world's largest security group, fell 5.38% amid its organic growth cooling down in emerging markets. The S&P 500 and Dow were both coming off record highs.

Semiconductor, computer hardware, oil service, and retail stocks also saw considerable weakness, moving lower along with most of the other major sectors. The Nasdaq composite fell 35 points, or 0.5 percent, to 6,336.

Office Depot tumbled 22.4 per cent after the office supplies retailer's quarterly results came in below estimates.

Shares of SeaWorld Entertainment Inc. slid 6.2 percent after the theme park operator reported second-quarter revenue that fell short of Wall Street's expectations. Copper rose 4 cents to $2.94 a pound.

Overseas markets were also lower Wednesday. Core prices had been expected to rise by 0.2%. While the French CAC 40 Index fell by 0.6%, the German DAX Index slumped by 1.1% and the UK's FTSE 100 Index plunged by 1.4%.

Other reports by GizPress

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