S&P falls 1.4 percent in safety flight on North Korea tensions

S&P falls 1.4 percent in safety flight on North Korea tensions

S&P falls 1.4 percent in safety flight on North Korea tensions

His comments came in response to North Korea's threat to fire ballistic missiles toward the USA territory of Guam, which is home to US bombers and other strategic assets. Oil prices veered lower as early gains faded.

About 15 minutes into trading, the Dow Jones Industrial Average had dropped to 21,947.15, down 0.5 percent from Wednesday's close, falling back below the 22,000 mark it first broke through on August 2. The Nasdaq composite lost 37 points, or 0.6 percent, to 6,332.

Politics lifted US defence stocks. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman all rose and the Dow Jones US defence index was up 1.6 per cent after hitting a record high.

Wall Street stocks dropped early Thursday after North Korea announced a plan to send missiles towards Guam, raising the stakes of a nuclear standoff with the United States.

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The headlines about North Korea served as a spark to jolt investors out of complacency on the heels of an extended period of calm in the market, said McClellan who shared the following chart in a report.

THE QUOTE: "Risk-averse sentiment is dominating global equities markets, and USA indices have retraced from record levels over the last two days". -North Korea tensions. The VIX, a measure of how much volatility investors expect in stocks, jumped 34.8 percent, the biggest increase since May. A weakness in the consumer discretionary, financials, and information technology sectors weighed on the market. Australia's S&P/ASX 200 edged down almost 0.1 per cent to 5,760.90, while South Korea's Kospi fell 0.5 per cent to 2,357.84. Advanced Micro Devices gave up 50 cents, or 3.9 percent, to $12.33. MetLife fell 75 cents, or 1.6 percent, to $47.56, while Charles Schwab slid 69 cents, or 1.6 percent, to $41.33. A batch of disappointing company earnings also helped pull the market lower, with consumer-focused companies and technology stocks among the biggest decliners. Macy's sank 10.3 percent and Kohl's lost 5.8 percent. The stock fell $169 to $1,879.98. Dillard's slumped 17.8 percent after the chain booked a loss for the second quarter as increased inventory led to big discounts.

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

Technology companies were leading a broad slide in USA stocks in early trading Thursday as investors pored over the latest batch of corporate earnings reports.

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South Korea's benchmark Kospi index fell 1.69%. Yields fall when bond prices rise.

OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, declined 20 cents to $51.70 per barrel in London. It added 39 cents to $49.56 a barrel on Wednesday. Brent crude, used to price worldwide oils, gained 10 cents to $52.24 in London. Silver gained 20 cents, or 1.2 percent, to $17.07 an ounce. Copper rose 4 cents to $2.94 a pound.

CURRENCIES: The euro slipped 0.1 percent to $1.1176 while the dollar was steady at 109.20 yen. The three major indexes closed out the week in positive territory following yesterday's lows. Germany's DAX Index fell 0.6%, the UK's FTSE 100 Index retreated 1.2% and France's CAC 40 Index slid 1.4%. Hong Kong's Hang Seng Index fell 1.22%.

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