Economy

European Stocks Slide But Wall Street Futures Steady Amid North Korea Concern

European Stocks Slide But Wall Street Futures Steady Amid North Korea Concern”

The S&P 500, which fell 0.93% for its biggest one-day decline since early August, is poised to rise around 2.5 points at the bell while the Nasdaq may gain back around 9 of the near 60 points it lost in Tuesday's selling.

On Monday, the United States accused North Korea's trading partners of aiding its nuclear ambitions and said Pyongyang was "begging for war" after the North's powerful nuclear test on Sunday and signs that further missile launches were on the way. September is a historically hard period for Wall Street, with the S&P 500 and Dow Jones averaging sizable losses during the month.

Wall Street could reverse the current momentum, however, with the Dow Jones Industrial Average priced to gain around 30 points at the opening bell, according to USA equity futures, after yesterday's 1% sell-off took more than 234 points from the benchmark by the end of the session.

Nine of the 11 major S&P sectors were lower, with financial index's 1.53 percent leading the decliners.

Fed Governor Lael Brainard said US inflation is falling "well short" of target so the central bank should be cautious about raising interest rates any further until it is confident that prices are headed higher.

Minneapolis Fed President Neel Kashkari and his Dallas counterpart, Robert Kaplan, were also slated to speak at different events on Tuesday day.

Airplane parts supplier Rockwell Collins rose 0.3 per cent following the announcement it agreed to be bought by conglomerate United Technologies for US$30 billion (S$40 billion).

Winners and Losers: Shares of Bank of America sunk 3.24 percent.

Insmed shares more than doubled after the company said its drug for the treatment of a rare and serious lung disorder met the main goal in a late-stage study. Boeing fell 1.4 per cent.



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