Economy

Wall Street lower on US-North Korea tensions

Wall Street lower on US-North Korea tensions”

Technology companies led USA stocks slightly higher in midday trading Friday, recouping some of the losses from the day before. Major U.S. indices had posted record highs in recent weeks. That weighed on bank shares, which were down the most.

The Standard & Poor's 500 index fell 24 points, or 1 percent, to 2,449 as of 2:16 p.m.

Selling was broad. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq, a 3.60-to-1 ratio favored decliners. The Russell 2000 index of smaller-company stocks picked up 1.69 points, or 0.1 percent, to 1,374.23. The major indexes were coming off their biggest single-day decline since May 17. The move added to escalating U.S. Oil prices veered lower as early gains faded.

Inflation has risen 1.7 percent over the past 12 months, suggesting that inflation pressures remain well under control. In a tweet, President Donald Trump warned of military action "should North Korea act unwisely", noting that the U.S.is "locked and loaded".

North Korea's threat to carry out a missile strike on Guam continued to worry investors.

Still, there were fewer signs of anxiousness in the markets Friday.

European stocks also fell sharply Friday, leaving the Stoxx Europe 600 with its worst weekly decline since November, just before the USA presidential election was held. It's still the highest it's been since May.

Outside the political arena, declines in a pair of technology stocks and added to the cautious tone on the day.

The FTSE's fall was led by the volatile mining sector, with London-listed global commodity firms such as Antofagasta, Rio Tinto, BHP Billiton and Anglo American among the biggest losers.

Benchmark 10-year notes last rose 5/32 in price to yield 2.194 percent, from 2.211 percent late on Thursday. Seagate Technology was up 2.2 percent. Seagate shares rose 74 cents to $32.29.

BIG GAINERS: Health-care stocks were among the big gainers. Universal Health Services picked up $2.65, or 2.5 percent, to $108.02.

Of those, 52 percent delivered earnings and revenue that beat financial analysts' forecasts, according to S&P Global Market Intelligence. It also raised its outlook. The stock fell $2.25 to $20.79.

The decline followed overnight losses on Wall Street.

The S&P 500, which had its biggest one-day drop in nearly three months on Thursday, was on track to post its biggest weekly decline since November. The Shanghai Composite slipped 0.4 per cent to 3,261.75.

Nvidia Corp.(NVDA) shares fell 5.5%, even after the chip maker posted upbeat earnings late Thursday. The stock slid $9.41, or 5.7 percent, to $155.33.

Traders sold off financial stocks amid speculation that the Fed will decide to hold off on raising interest rates next month.

Dow member Disney dropped 3.9 percent as it reported flat third-quarter revenues due in part to weakness in its cable subscription business.

ENERGY: Benchmark U.S. crude gained 28 cents to $49.84 a barrel in electronic trading on the New York Mercantile Exchange.

The dollar slipped to 109.04 yen from 109.26 late Thursday. The euro rose to $1.1753 from $1.1752.

BONDS: Bond prices rose. The stock fell $1.01 to $22.02. Germany's DAX fared better, trading only 0.2 percent lower at 11,989. Australia's S&P/ASX 200 edged down almost 0.1 percent.



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