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Stocks slide on continued concern over tension between United States and North Korea

12 August 2017

The Dow slumped 204.69 points or 0.9% to 21,844.01, the Nasdaq plummeted 135.46 points or 2.1% to 6,216.87 and the S&P 500 tumbled 35.81 points or 1.5% to 2,438.21.

The overall financials group, which accounts for roughly a third of the index slipped 0.9 percent.

Canada's main stock index hit its lowest close in a month on Thursday as oil prices fell and investors sought refuge in safe-haven assets amid rising tensions between the United States and North Korea.

Analysts pointed to the harsh threats and sabre rattling from US President Donald Trump, including a message Wednesday on Twitter boasting the United States' nuclear arsenal was now "more powerful than ever before".

For the week, the Dow is on track for a decline of 0.9%, its biggest one-week drop since April.

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Information technology fell 1.24 percent, hurt by a 16.6 percent plunge to 66.50 Canadian dollars (52.38 dollars) in Kinaxis Inc. stock.

Declining issues outnumbered advancers on the NYSE by 1,847 to 678. Still, all three gauges are within 5 percentage points of record levels. On August 9, it rose 1.4% to 11.11. But was retreating in recent trade.

"If we were threatened, the USA would take action and there'd be a Treasury rally", said Battle. "And while risks remain elevated from a geopolitical perspective, valuations are not necessarily excessive, though full".

USA stock indexes reversed course to trade higher on Tuesday morning, with the Dow and the S&P hitting a new record, helped by a rise in Apple's shares. Is that a reason to be?

Federal Reserve Bank of New York President William Dudley will make an appearance later in the day and his comments will be parsed for clues regarding the future pace of interest rate hikes.

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Patrons packed local restaurants, barely glancing at televisions bearing news of Pyongyang's latest threat against their homeland. Trump tweeted Friday: "Military solutions are now fully in place, locked and loaded, should North Korea act unwisely".

Emerging market stocks rose 0.29 percent. The stock has more than doubled over the past 12 months, gaining more than 160%. Crude briefly pared losses in late trading after USA inventories fell more than expected last week.

The escalation of the rhetoric between the USA and North Korea is keeping market participants on their toes and with no fresh economic reports the price action is dictated by the headlines.

Trump continued to ramp up the rhetoric with a post on Twitter this morning indicating that the U.S.is prepared to take military action against North Korea. "When earnings are not beating expectations there's a sell off in the companies, and we're just not seeing that money reinvested because of the geopolitical risks".

Analysts said media and entertainment stocks also seemed to get caught up in the broader market drop, but emphasized it was often hard to isolate reasons behind specific stocks' movements. Money has poured into the Yen as investors search for safe-haven assets following the "fire and fury" comments from US President Donald Trump, earlier in the week.

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