Economy

Banks and technology lead U.S. stocks lower in early trading

Banks and technology lead U.S. stocks lower in early trading”

Banks and technology companies were down more than the rest of the market.

The three major Wall Street indexes fell more than 1 percent on Tuesday and were on track to mark their worst single-day fall in almost three weeks, weighed down by mounting tensions on the Korean peninsula.

Wall Street opened lower on Tuesday as investors remained cautious after North Korea conducted its most powerful nuclear test over the weekend. Energy companies led the gainers as the price of crude oil headed higher.

Bank of America and Goldman Sachs were down more than 1.5 percent.

Hong Kong's Hang Seng Index slipped 0.8 percent for a third consecutive day of losses. Eastern time. The Dow Jones industrial average slid 96 points, or 0.4 percent, to 21,890. The Nasdaq composite lost 13 points, or 0.2 percent, to 6,421.

Halfords rose 2.5 percent after the British bicycle and auto part retailer kept its full-year profit guidance as it reported retail like-for-like sales growth of 3.5 percent in the 20 weeks to August 18. Nvidia gave up $4.55, or 2.7 percent, to $165.91. Helmerich & Payne rose 75 cents, or 1.7 percent, to $43.77.

ENERGIZED: Gains in crude prices helped lift shares in oil producers and other energy industry companies. Halliburton rose 85 cents, or 2.2 percent, to $39.75.

Mid caps however rose 0.15 percent as a tie-up announced between Schneider Electric and Aveva sent shares in the British group up 25.7 percent, their biggest one-day gain in more than two years.

ENERGY: Benchmark U.S. crude gained $1.45, or 3 percent, to $48.74 per barrel on the New York Mercantile Exchange.

Shares in cruise line operators fell as Hurricane Irma roared toward islands in the northeast Caribbean Tuesday.

The dollar declined to 108.66 yen from Monday's 110.24 yen. The euro rose to $1.1918 from $1.1869. Heating oil was little changed at $1.75 a gallon.

Stock markets overseas were mixed Tuesday.

Palladium edged 0.1 percent lower to $976 after reaching its highest since February 2001 at $1,001 in the previous session.

European markets closed lower; London's FTSE lost 0.4 per cent, Paris is down 0.4 per cent and Frankfurt was also down 0.3 per cent.

Earlier in Asia, Tokyo's Nikkei 225 fell 0.6 percent and Seoul's Kospi slid 0.1 percent.



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