Economy

Stocks Down On North Korea Fears; Oil Up On Capacity Outlook

Stocks Down On North Korea Fears; Oil Up On Capacity Outlook”

Later on Tuesday, traders will be eyeing Wall Street's reaction to the latest North Korea events, having been closed on Monday for the Labour Day public holiday. United Technologies shares slumped 5.7 percent and were the Dow's biggest decliners, while shares of fellow Dow component, plane maker Boeing, fell 1.4 percent.

The latest in Pyongyang's series of missile and bomb tests has hardened the rhetoric from the U.S. Defense Secretary Jim Mattis warned North Korea that it would be met "with a massive military response" (http://www.marketwatch.com/story/we-have-many-military-options-mattis-warns-north-korea-2017-09-03) if it attacks the U.S., South Korea or Japan, while Nikki Haley, the U.S. ambassador to the United Nations, said at a UN Security Council emergency meeting that Kim Jong Un was "begging for war".

USA oil prices rose and gasoline fell as the gradual restart of refineries in the Gulf of Mexico, which had been shut by Hurricane Harvey, eased fears of a fuel supply crunch.

At 9:39 a.m. ET (1339 GMT), the Dow Jones Industrial Average was down 99.19 points, or 0.45 percent, at 21,888.37 and the S&P 500 was down 8.52 points, or 0.34 percent, at 2,468.03. The online betting company swung to a half-year loss because of charges for tax provisions in Germany and a financial penalty imposed by the UK Gambling Commission.

ENERGIZED: Gains in crude prices helped lift shares in oil producers and other energy industry companies.

Goldman Sachs' (GS.N) fell 3.3 percent, dragging down the Dow; while the S&P was pulled lower by a more than 2 percent fall in shares of JPMorgan (JPM.N) and Bank of America (BAC.N). Brent crude, used to price global oils, rose $1.02, or 2 per cent, to $53.36 a barrel in London.

Technology companies also fell sharply. Helmerich & Payne rose 75 cents, or 1.7 percent, to $43.77. Baker Hughes gained $1.10, or 3.2 per cent, to $35.40.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.09 percent.

India's Sensex was declining 0.8 percent, Singapore's Straits Times index was down 1.3 percent and the Taiwan Weighted slipped 0.2 percent while the Malaysian market was closed for a holiday. Norwegian Cruise Line shed $1.85, or 3.2 percent, to $56.69.

Gold futures settled 1.1% higher (http://www.marketwatch.com/story/gold-boosted-by-north-korea-jitters-nears-1-year-high-2017-09-05) and the yen continued to rise, with the dollar buying Yen108.80, down from Yen109.73 late Monday in NY. The euro rose to $1.1918 from $1.1869.

Stock markets overseas were mixed Tuesday.

Separately, U.K. construction activity growth eased to a one year low in August, survey data from IHS Markit showed.

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

In Europe, however, Frankfurt and Paris rose but London gains were capped by weak data.



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