Geopolitical Concerns Lead To Weakness On Wall Street

10 August, 2017, 00:10 | Author: Darrell Baldwin
  • The Latest: Trump says US nuke arsenal 'stronger' than ever

The broad-based Stoxx Europe 600 stock index dropped 0.5 percent in early trading, with key indices, such as Britain's FTSE 100, Germany's DAX and France's CAC all down 0.5 percent or more.

U.S. stocks clawed back losses late on Wednesday as investors appeared to brush off geopolitical concerns after falling in the wake of U.S. President Donald Trump's "fire and fury" warning to North Korea.

After a dip of as much as 0.52 percent earlier in the day, Wall Street's three major indexes bounced off intraday lows.

Pyongyang has made no secret of its plans to develop a nuclear-tipped missile able to strike the United States, which it says are a legitimate means of defence against perceived USA hostility, including joint military drills with South Korea. Hours later, North Korea said it was considering launching missiles at Guam.

The Nasdaq Composite was down 16.88 points, or 0.26 percent, at 6,353.58.

Late Tuesday, North Korea had said it was considering plans to fire missiles at Guam, a US territory, after Trump's warning earlier in the day. More than 70 percent of S&P 500 companies that had reported posted better-than-expected earnings while 69 percent have beaten of sales, according to data from Thomson Reuters I/B/E/S.

Considerable weakness is also visible among tobacco stocks, as reflected by the 1.1% drop by the NYSE Arca Tobacco Index.




The Dow snapped a ten-day winning streak, including nine consecutive record highs.

US 30-year bond yields slid to a six-week trough of 2.790 percent, compared with 2.867 percent late on Tuesday.

Ten out of the 11 major S&P 500 sectors ended lower after the comments with the only gains seen in the utilities sector .SPLRCU , which is seen as a bond proxy because of its slow but predictable growth and dividends.

Office Depot tumbled 22.4 percent after the office supplies retailer's quarterly results came in below estimates. The Dow slid 0.2 percent to 22,085.34.

BONDS: Bond prices fell. September-dated crude futures settled up 0.8%, or 39 cents, at $49.56 per barrel.

About 6.22 billion shares changed hands on USA stock exchanges, slightly above the 6.15 billion average for the last 20 sessions. The euro fell to $1.1760 from $1.1793. Japan's Nikkei 225 slipped 0.3 percent, while Australia's S&P/ASX 200 lost 0.5 percent. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.8 basis points at 2.225 percent. Hong Kong's Hang Seng added 0.6 percent.

Global markets were sharply lower on Wednesday.

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