News Worms
News Worms


U.S. stocks snap 3-day losing streak in roller coaster week

While at his golf club in Bedminster, New Jersey, President Trump pledged North Korea would be "met with fire and fury like the world has never seen" amid the country's latest nuclear threats. In a note to investors, Paul Christopher, head global market strategist, and Tracie McMillion, head of global asset allocation, suggest, "the threat of a nuclear weapon is certainly more serious than previous threats, but that threat also may increase the probability of a diplomatic solution". "That reset is being triggered by North Korea geopolitical concern and stretched valuations", said Peter Kenny, senior market strategist at Global Markets Advisory Group in NY.

London's FTSE 100 dipped by about 90 points, or more than 1%, in morning trading on Friday, adding to a slump of more than 100 points the day before and taking it to its lowest level since May. Sony Corp. shares in Tokyo dropped 1.6 percent.

The Dow Jones industrial average lost 71 points, or 0.3 percent, to 22,013.

In the United Kingdom, the stock of TV giant ITV was down 1.9 percent in early trading, and Sky shares were down 0.5 percent, while Germany's ProSiebenSat.1 fell 1.2 percent.

Money also flowed into consumer discretionary stocks. The S&P hasn't moved more than 0.5 percent in one day since July and has fallen more than 1 percent only twice this year.

If the North Korean regime "does anything" to the USA or a United States ally "things will happen to them like they never thought possible", Trump told reporters on Thursday, according to Bloomberg.

The back-and-forth came on the heels of reports the USA intelligence community has determined North Korea has successfully produced a miniaturized nuclear warhead that can fit inside its missiles.

Crude oil was 0.5 percent higher with prices at $49 per barrel.

The major European markets also showed notable moves to the downside on the day. The Nasdaq composite fell 35 points, or 0.5 percent, to 6,336. Bond and gold prices, traditional havens for nervous investors, were little changed, and the VIX, a measure of how much volatility investors expect in stocks, fell 3.3 percent following a 44.4 percent jump the day before.

Valeant's stock, which rallied a day before following quarterly results, sank 9.6 percent to C$17.85 after it said its subsidiaries in Australia were the subject of a tax audit. The company posted better-than-expected quarterly earnings but its sales missed expectations.

The benchmark US yield on Thursday was just above 2.2 percent, at its lowest level since late June, as investors bought up Treasuries, a classic safe harbor.

CURRENCY: The dollar declined to 109.79 yen from Tuesday's 110.34 yen. Brent crude, the global standard, lost 23 cents to 52.14 dollars a barrel in London. The euro rose to $1.1812 from $1.1774.

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