North Korea Has Markets Nervous But Not Panicked

North Korea Has Markets Nervous But Not Panicked

Stocks are lower at midday as investors weighed the growing tensions between the USA and North Korea.

Dow e-minis were up 6 points, or 0.03 percent, with 29,187 contracts changing hands at 8:34 a.m. ET (1234 GMT).

The Nasdaq finished the day at 6,216.87, a slide of 135.46, while the S&P 500 lost almost 1.5 percent, ending the day at 2,438.21.

The Nasdaq Composite was down 115.35 points, or 1.82 percent, at 6,236.98.

The Straits Times Index sank 1.31 per cent or 43.52 points to 3,279.72, down 1.4 per cent for the week.

A man watches a television screen showing U.S. President Donald Trump, left, and North Korean leader Kim Jong Un during a news program at the Seoul Train Station on Thursday.

The S&P's record close on August 7 likely helped fuel its latest sell-off.

The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1.5 percent to C$92.88, and Manulife Financial Corp falling 4.7 percent to C$24.43, its largest drop since early August a year ago.

Netflix traded 2.4 percent weaker as of 3.09pm.

This week, the S&P 500 started on a stronger note by rising to new record high price levels.

Gold rose as much as 1.2 percent 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.

More news: PDP may extend Makarfi's tenure, discuss others at Saturday's Natl Convention

The index's losses mirrored global markets, which fell after incendiary words between the United States and North Korea.

Most South-east Asian stock markets closed lower too, as investors flocked instead to traditional safe-havens such as gold, the Japanese yen, and the bond market.

IN A SKID: Avis Budget Group slumped 6.8% to $31.13 after the vehicle rental company cut its guidance following a weak second quarter.

"The escalation of the geopolitical situation between the USA and North Korea is beginning to rattle investors' nerves as was witnessed in the VIX index yesterday", said Peter Cardillo, chief market economist at First Standard Financial.

Michael Kors climbed 21.5 percent after the luxury handbag and apparel designer and retailer's latest quarterly results beat analysts' forecasts as sales improved.

On Thursday, the CBOE Volatility Index, a barometer of expected near-term stock market volatility, closed at its highest since the USA presidential election.

The September crude contract was up 20 cents to US$49.76 per barrel and the September natural gas contract was up seven cents to US$2.95 per mmBTU.

Korea's Samsung Electronics fell 2.8% Friday.

USA crude oil tumbled 2% to $48.59/bbl, failing to hold above $50 as a report from OPEC showed crude production among the group's members rose in July.

The umbrella financials group slipped 0.3 percent.

Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in US crude inventories, leaving prices volatile.

Related Articles

  • Trader's Round Up: Healthcare Realty Trust Incorporated (NYSE:HR)

    Bennicas & Associates Inc. acquired a new stake in Healthcare Realty Trust during the first quarter worth about $202,000. A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock.
    Mariners feeling even more pain after coughing up lead against Angels

    Mariners feeling even more pain after coughing up lead against Angels

    The 31-year-old Albers has limited major league experience, but has a 12-3 record and 2.61 ERA record this season at AAA Gwinnett. Paxton said he woke up feeling pretty good on Friday and was a bit surprised by the diagnosis.
    Kim:

    Kim: "Spazzeremo via gli Usa". E Trump risponde: "Siamo pronti a colpire"

    Se la Corea del Nord dovesse attaccare Guam , se ne pentirà seriamente, ha dichiarato il presidente statunitense Donald Trump . La Corea ha prontamente risposto: Trump è "un odioso fanatico della guerra nucleare ".
  • North Korea Threat Will Be Great For Guam's Tourism Industry

    North Korea Threat Will Be Great For Guam's Tourism Industry

    Mr Trump agreed that, "They should have had me in years ago ... frankly you could have said that for the last three presidents". Mr Trump has said he would not allow Pyongyang to develop a nuclear weapon capable of hitting the United States. "The U.S.
    1 dead in small plane crash in New Milford

    1 dead in small plane crash in New Milford

    They said the pilot was pulled from the plane and flown Hartford Hospital with serious, life-threatening injuries. Lee Grabner. "All he could say was that he was in a plane crash, is all he could really articulate to us".
    Mourinho says Manchester United still in the market for a winger

    Mourinho says Manchester United still in the market for a winger

    The 54-year-old is optimistic that his trend of success will continue this season, but dmies it has anything to do with fortune or fate.
  • Rooney sets Premier League record after trading Man Utd for Everton

    Rooney sets Premier League record after trading Man Utd for Everton

    Everton has spent a lot of money in the transfer window and they will look to so well this season as a result of it. Romelu Lukaku can open his Manchester United account by scoring first against West Ham tomorrow at odds of 5-2.
    Trump speaks with Guam governor amid North Korea threat

    Trump speaks with Guam governor amid North Korea threat

    On Wednesday, Mr Trump followed up his "fire and fury" warning with a boast about USA nuclear capabilities. They called me from the White House this morning and both assured me that the people of Guam are safe.
    North Korea expected to announce position on latest sanctions

    North Korea expected to announce position on latest sanctions

    Will North Korea take China and USA "right to the brink"? At the same time, a USA plan to punish China for alleged unfair trade practice was postponed.
  • How the USA  would detect, try to shoot down North Korean missile

    How the USA would detect, try to shoot down North Korean missile

    Guam, a tropical island more than 3,000 km (2,000 miles) to the southeast of North Korea, is home to about 163,000 people. According to the recent press report , which remains unverified by NPR, North Korea could have up to 60 nuclear weapons.
    Stocks drift lower on Wall Street

    Stocks drift lower on Wall Street

    Stock markets were lower and the price of gold moved up amid political tensions between the United States and North Korea . In overseas trading, stock markets across the Asia-Pacific region saw continued weakness during trading on Friday.
    Solar eclipse will help scientists learn more about 'space weather'

    Solar eclipse will help scientists learn more about 'space weather'

    Or maybe it disappears in a valley on the moon, and it lingers a little bit longer and so the eclipse is gonna start late for you. During a full solar eclipse, the moon and sun line up perfectly and create a shadow that falls on the Earth.