US Futures Point South as US-North Korea Rhetoric Heats Up

US Futures Point South as US-North Korea Rhetoric Heats Up

Aug 10 (Reuters) - The S&P 500 index was on track for its first daily drop of more than 1 percent in nearly three months on Thursday as investors grew cautious over escalating tensions between the United States and North Korea.

The MSCI Asia Pacific Index excluding Japan lost 1.6 percent to 155.61 as of 4:57 p.m.in Hong Kong, set for its longest losing streak since July 4, as five stocks declined for each one that advanced.

In the latest economic data, the consumer-price index (http://www.marketwatch.com/story/us-consumer-inflation-remains-soft-in-july-cpi-shows-2017-08-11) rose a seasonally adjusted 0.1% in July, its fifth straight month of softness, raising more questions about whether inflation will eventually rise to hit the Federal Reserve's 2% annual rate target.

The dollar-denominated RTS index was down 1.5 percent at 1,013 points as of 0834 GMT, taking its year-to-date loss to 12 percent.

Trucking and software stocks are also seeing notable strength in mid-day trading, while steel stocks have moved sharply lower on the day. All the indexes are down for the week. The Treasury yield us 10-year fell to 2,201 % vs. 2,248 % Wednesday night and one of the warrants to 30 years 2,778 %, compared with 2,824 %. But some investors welcomed the dip in the sector, which has been S&P's leading gainer so far this year. Banks and retail chains were also among the big decliners.

"Since these are the stocks that have been in the spotlight the most, they tend to have the most volatility upwards and downwards", said Chris Bertelsen, chief investment officer of Aviance Capital Management in Sarasota, Florida. "If you think this is just rattling sabers, and it's just words, then you could view this as a buying opportunity".

More news: There's a chance eSports could make it to the Olympics in 2024

Wall Street got off on a downbeat start early Thursday as tensions between the US and North Korea continued to escalate, rattling markets overseas.

North Korea has made threats against the USA for years, but a recent military intelligence analysis found the country has developed the ability to build a small nuclear warhead that can reach the United States. Later in the day, President Trump warned the regime to "get their act together" or face extraordinary trouble.

The market jitters gave investors an opportunity to pocket some of their recent gains after a string of record highs fueled by strong corporate earnings.

Aug 10 (Reuters) - The Dow lost more than 100 points on Thursday as investors fretted over escalating tensions between the United States and North Korea.

TECH SLIDE: Losses among technology stocks led the market slide.

OIL: Benchmark U.S. crude gained 13 cents to $49.69 a barrel on the New York Mercantile Exchange. Brent crude, used to price worldwide oils, slid 80 cents, or 1.5 percent, to $51.90.

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