Wall Street swings lower on North Korea fears

Todd Singleton
August 10, 2017

The remarks came mere hours after U.S. President Donald Trump warned the North Koreans that any threat to homeland security would be met with "fire and fury".

His comments follow on from reports that North Korea had successfully produced a nuclear warhead that could be fitted inside its missiles.

The pullback on Tuesday was partially attributed to growing tensions over North Korea's ballistic missile program, with Pyongyang warning that it is "carefully examining" a potential strike on the U.S. Pacific territory of Guam.

Disney also announced it will launch two new streaming television services including one for its ESPN-branded sports channel, while ending its deal with Netflix as it shifts towards direct content distribution. On Monday, the S&P 500 and Dow closed at record highs. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman all rose and the Dow Jones U.S. defense index was up 1.6 percent after hitting a record high. Economists had expected productivity to increase by 0.7%.

In the Dow, declines in shares of Merck and DuPont, down 0.9% and 0.8% respectively, outweighed gains in shares of Apple and Microsoft, up 1.3% and 0.7% respectively.

Trump tweeted on Wednesday about the strength of the American nuclear arsenal, but expressed hope it would not need to be used, while U.S. Secretary of State Rex Tillerson said he did not believe there was an imminent threat. It fell 19 cents, or 0.4 percent, to $49.39 per barrel Monday in NY. The Shanghai Composite Index lost 0.2 percent to 3,273.71 and Hong Kong's Hang Seng was off 0.2 percent at 27,803.55.

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BONDS: Bond prices fell.

A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 27, 2017. The euro slid to $1.1760 from $1.1793. September-dated crude futures settled up 0.8%, or 39 cents, at $49.56 per barrel.

The Fed is expected to announce next month the start of the reduction of its balance sheet, which ballooned with the extended quantitative easing program undertaken to stimulate the US economy after the financial crisis. While the UK's FTSE 100 Index slid by 0.6%, the German DAX Index slumped by 1.1% and the French CAC 40 Index tumbled by 1.4%. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.5 basis points at 2.228%.

December Comex gold futures had a volatile session on Tuesday, changing direction several times before closing only slightly lower.

In Europe, the Stoxx 600 Index advanced 0.2%.

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