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Tech companies lead a broad slide in U.S. stocks; oil slumps

15 August 2017

The Dow Jones industrial average slid 0.9 per cent to 21,844.01.

The Nasdaq Composite number was down 16.88 points, or 0.26 per cent, at 6,353.58.

The S&P/TSX composite index was down 39.02 points to 15,217.33, with most sectors finishing in the red while bullion stocks surged almost 1.9 per cent. The u.s. central bank, one of whose tasks is to contain the price rise, does not therefore appear to be obliged to accelerate the pace of the slow tightening of monetary that it has committed.

Barrick Gold Corp rose 2.3 percent to C$21.74 as the price of gold, a safe-haven asset, reached its highest levels in two months.

Energy stocks fell along with the price of crude oil.

Wall Street regains momentum after Thursday's sharp sell off but simmering North Korea tension remain a backdrop to Friday's trading session and safe havens such as gold and government bonds make gains.

ASU professor says denuclearization of North Korea unlikely without war
These comments come following a week of verbal escalation between the United States and North Korea . The biggest issue may be North Korea's nuclear weapons themselves.

Japanese markets were closed for a holiday but the tense mood dragged Asian shares lower and an MSCI index of stocks across the globe was on track to post its largest weekly drop since the week before Donald Trump won the US presidential election in November.

In bond markets, the yield in U.S. Treasuries fell, also pressured by the lowered expectations for a Fed move.

"That may have weighed a little bit" on markets, said Phil Guarco, global investment specialist at J.P. Morgan Private Bank.

Biotechnology stocks are turning in some of the market's worst performances on the day, resulting in a 2.4% drop by the NYSE Arca Biotechnology Index.

Investors have been jittery about North Korea since Tuesday when Trump said any threats from Pyongyang would be "met with fire and fury like the world has never seen".

TOUGH TALK: Tensions between the US and North Korea continued to simmer early Friday.

Canada in line of fire between North Korea and US
He later added that the U.S. would "take it out" if the missile was determined to be headed for any United States territory. President Trump discussed the crisis with Japanese Prime Minister Abe in a phone call later Monday Washington time.

Nvidia on the other hand had a less clear cut reason for its fall in today's trading.

"The overnight Korean news has prompted some unwinding of the cheapening trades on the franc that has been going on for some time and though positioning is not stretched by any means, the franc's strength may have room to run", said Timothy Graf, head of macro strategy at State Street Global Markets in London. The stock fell 85 cents to $12.76.

Fossil Group Inc. tumbled 25.1 percent after the watchmaker said sales continued to weaken, falling short of analysts' estimates.

US stock benchmarks were setting up for more losses Friday, with the S&P 500 facing its worst weekly performance since November, as U.S.

Shares of Walt Disney were down 4.23 per cent, the biggest drag on Dow, as investors doubted whether the company can succeed with its plan to launch its own streaming services rather than rely on Netflix to reach online viewers. The stock slid $9.41, or 5.7 percent, to $155.33.

OIL: Benchmark U.S. crude gained 13 cents to $49.69 a barrel on the New York Mercantile Exchange. The euro fell to $1.1735 from $1.1752.

CIA Director Pompeo Says No 'Imminent' Threat of Nuclear War
Last week, the North said a plan was being drawn up to fire four missiles into the sea off Guam, where USA bombers are based. Moon in a speech Tuesday also said resolving the North Korean threat could begin with freezing its nuclear weapons program.

Tech companies lead a broad slide in U.S. stocks; oil slumps