Stocks May Regain Ground In Early Trading

Ivan Schwartz
August 14, 2017

Spot gold added 0.7 percent to $1,285.70 an ounce. The stock was the biggest decliner in the S&P 500, losing $155 to $1,893.99.

USA stocks edged higher in early trading Friday, recouping some of the ground they lost after the market's biggest single-day drop in almost three months.

The broad-based S&P 500 was hit even harder, dropping 1.5 percent to close at 2,438.22, while the tech-rich Nasdaq Composite Index lost 2.2 percent 6,216.87.

"Amid tensions in the global arena, it's hard to seek higher prices ahead of three days of holidays", Kawaguchi added.

Earlier, the dollar slipped as low as 108.91 yen, its weakest level since June 14th, when the greenback fell as low as 108.81 yen.

The pan-European FTSEurofirst 300 index .FTEU3 lost 1.01 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.26 percent for a weekly loss of 1.6 percent, the largest since the week to November 4.

Guam which is more than 3,000 km (2,000 miles) to the southeast of North Korea, is home to about 163,000 people and a U.S. Navy base that includes a submarine squadron and a Coast Guard group, and an air base.

Shortly after Trump made his remarks, North Korea said it was "carefully examining" the idea of a missile strike on Guam, a U.S. Pacific territory. Eastern time. The Dow Jones industrial average added 20 points, or 0.1 percent, to 21,865.

Friday caps a week dogged by escalating tension between the USA and North Korea which culminated with President Donald Trump stating that his earlier threat to unleash "fire and fury" on North Korea "maybe wasn't tough enough".

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Shares of Snap were down as much as 14.23 percent and hit an all-time low following a miss on revenue and daily active users. Alliance Data Systems fell $6.28, or 2.7 percent, to $225.64.

The mood on markets was decidedly risk off leaving stock markets lower. Britain's FTSE 100 sank 1.3 percent. MetLife fell 75 cents, or 1.6 percent, to $47.56, while Charles Schwab slid 69 cents, or 1.6 percent, to $41.33.

"The market hates uncertainty and that's certainly what we have now", said Ole Hansen, head of commodity strategy at Saxo Bank.

Phipps said investors were reassured after Dallas Fed President Rob Kaplan's said on Friday that the Fed needs more evidence of progress toward its inflation goal before raising rates again.

When prices of bonds rise, yields fall. Its shares slid $9.77, or 5.3 percent, to $174.02.

The price of gold also surged for the second day in a row as the December bullion contract advanced $10.80 U.S.to $1,290.10 U.S.an ounce.

The dollar fell to 109.85 yen from 110.48 yen late Tuesday.

On the currency front, the U.S. dollar is trading at 108.82 yen compared to the 109.20 yen it fetched at the close of NY trading on Thursday.

Elsewhere in commodities, the September crude contract was up 39 cents to $49.56 United States per barrel, September natural gas advanced six cents at $2.88 U.S. per mmBTU and September copper declined two cents at $2.93 USA a pound.

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