Stocks slide on continued concern over tension between U.S. and North Korea

Ivan Schwartz
Августа 12, 2017

Trump made his remarks just hours after revelations Pyongyang has successfully created a miniaturized nuclear weapon designed to fit inside its missiles .

"It's wonderful when you consider the headlines just how calm the equity markets are, how they've taken things in their stride", said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. In Nvidia results, analysts will be keen to get an update on the automotive sector as the company's chips are being used in the growing market of self-driving cars.

Sterling was little changed at US$1.30 and near a 2-1/2-week low, as investors looked to key data due next week for clues on the health of the British economy as the country prepares to leave the European Union.

The Dow Jones industrial average lost 204 points, or 0.9 percent, to 21,844.

Markets had seen a tentative recovery in risk appetite in US and early Asian trading, but as the war of words resumed Asian stocks dropped back and London, Frankfurt and Paris all lost 0.5-1.2 percent.

Energy stocks retreated 0.5 per cent, despite higher oil prices.

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Nick Melhuish, head of global equities at Amundi, said that while equity markets appear rocked by the news today, he did not expect to see any impact on equity markets in the short term. The yield on the 10-year Treasury note rose to 2.27% from 2.26%. The Nasdaq composite lost 0.3 percent to 6,352.33. The Dow snapped a nine-day streak of closing records.

As of Friday, calendar second-quarter earnings have grown by 10.1 percent.

Shares of staffing firm Adecco slumped 6.4 percent after its results. Investors will be looking for clues about the company's cable business, especially ESPN .

Shares in E.On were ahead after the German power group reported better-than-expected figures for the first six months of the year thanks to bigger margins at its key network business.

In the United Kingdom, gold mining stocks Randgold Resource and Fresnillo were among the few to gain - up 2.8% and 4.9%. "Expectations were very low for retailers coming into the season". The Swiss franc eased against dollar about 0.1 percent to 0.9645 per dollar, having surged about 1.1 percent on Wednesday. But some market experts are anxious that a pullback may be close.

Kagawa also said the market is also keeping an eye on the CBOE SKEW INDEX, or so-called "black swan" index, which measures the likelihood of extreme moves in the S&P 500 based on how traders are pricing the index's options. According to Bank of America Merrill Lynch, tech stocks saw their fourth straight week of outflows.

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