IT&Software

Wall Street lower on US-North Korea tensions

Wall Street lower on US-North Korea tensions

A Reuters Datastream index of more than 7,000 stocks across the globe saw its market capitalization drop from a record high $61.36 trillion on Monday to $60.43 trillion at the close on Thursday.

The mounting tensions between North Korea and the U.S. took its toll on the market for the third day in a row. The index, which hovered below record highs this week, has slipped more than 3 per cent since Mr Trump said on Tuesday that the United States would unleash "fire and fury" if Pyongyang continued to issue threats.

SIMMERING TENSIONS: North Korea revealed on Thursday a detailed plan to launch a salvo of ballistic missiles toward the U.S. Pacific territory of Guam, a major military hub and home to U.S. bombers.

The last time the S&P closed down more than 1 percent was May 17 when it fell 1.8 percent.

Traders took heart in a measure of USA consumer prices that increased only slightly in July, pointing to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year. Nvidia fell $4.73, or 2.7 percent, to $167.38. It has been more than a year since the last 5% downdraft in stocks and more than 76 weeks since the stock market suffered a 10% loss.

Dow Jones Industrial Average futures were down 0.23%, S&P 500 futures fell 0.4%, and Nasdaq futures slid 0.66%.

The pan-European FTSEurofirst 300 index lost 1.06 percent and MSCI's gauge of stocks across the globe shed 0.17 percent.

Shares Snap fell 1.94, or 14%, to 11.83 after the Snapchat parent reported earnings late Thursday that missed analyst forecasts.

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The technology sector .SPLRCT was the S&P's biggest drag with a 2.2 percent drop.

Inflation has risen 1.7 percent over the past 12 months, suggesting that inflation pressures remain well under control.

USA government bonds strengthened Friday as soft inflation data led investors to further scale back expectations for interest-rate increases from the Federal Reserve. The yield on the 10-year Treasury note slipped to 2.21 percent from 2.25 percent late Wednesday.

Bond prices, which move inversely to yields, closed higher.

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

Investors instead turned to safe-haven assets such as gold, pushing it to a two-month high, and the Japanese yen rose.

About 7.5 billion shares changed hands on US exchanges, well above the 6.25 billion average for the last 20 days.


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