TSX falls 0.94% as oil drops, geopolitical tensions rise

Share
TSX falls 0.94% as oil drops, geopolitical tensions rise

US stocks moved lower in morning trading Wednesday as traders weighed the growing tensions between the USA and North Korea.

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".

US stocks headed lower in early trading Wednesday, Aug. 9, 2017, as traders weighed the growing tensions between the USA and North Korea. "I have a feeling that by the end of the week, we'll feel this was just another blip on the radar".

Disney dropped 3.9 percent after reporting a weak quarter and saying it would pull its movies from Netflix and start its own video streaming services. The stock lost $5.23 to $101.75.

Ten out of the 11 major S&P 500 sectors ended lower after the comments with the only gains seen in the utilities sector, which is seen as a bond proxy because of its slow but predictable growth and dividends. On the Nasdaq, 1 685 issues fell and 615 advanced favoring decliners.

TIME OUT: Fossil tumbled 20.8 percent after the watch maker said sales continued to weaken, falling short of analysts' estimates. Gold and bond prices were headed higher.

"Trump's response was aggressive and that's why the market turned lower", said Ken Polcari, Director of the NYSE floor division at O'Neil Securities. Netflix also fell, giving up $4.37, or 2.4 percent, to $174.

BAD TRIPS: Priceline Group slid 7.6 percent after the online travel booking service issued a profit forecast that was weaker than analysts were expecting. The company booked a hefty charge and said its CFO is leaving the company.

The Labor Department said its producer price index for final demand edged down by 0.1 percent in July after inching up by 0.1 percent in June.

In European markets, the French CAC 40 was down 0.7% and Frankfurt's DAX 30 shed 1.2%. Hong Kong's Hang Seng was off 0.3 percent.

However, New York Fed President William Dudley said on Thursday he expected inflation to rise and suggested that the central bank was on track to raise rates once more this year. The index has fallen to its lowest intraday level in well over a month.

Safe-haven assets are trading higher, as gold +0.9% at $1,290.50/oz., marking its best level in two months, while the benchmark 10-year Treasury yield has slipped 2 bps to 2.23%. It slid 80 cents, or 1.5 percent, to close at $51.90 per barrel on Thursday. Silver gained 47 cents, or 2.9 percent, to $16.86 an ounce. Wholesale gasoline was little changed at $1.62 a gallon, heating oil rose 2 cents to $1.65 a gallon and natural gas rose 6 cents to $2.88 per 1,000 cubic feet.

The Canadian dollar was trading at an average price of 78.67 cents United States, down 0.04 of a USA cent.

CURRENCIES: The dollar fell to 109.97 yen from 110.48 yen late Tuesday. Brent crude, used to price global oils, declined 23 cents to $51.67 per barrel in London.

Share

Advertisement

Related Posts

The Teachers Advisors LLC Boosts Position in Ford Motor Company (NYSE:F)
Nomura reissued a "buy" rating and issued a $14.80 price objective on shares of Ford Motor in a research note on Tuesday, May 2nd. The Company operates in four segments: Automotive, Financial Services, Ford Smart Mobility LLC, and Central Treasury Operations.

Wall Street falls on North Korea concerns
Shares of Kohl's were down 8.4 percent, while Macy's fell 4 percent after the department store operators reported a fall in sales. Investors bought safe-haven assets such as gold, helping the precious metal touch a two-month high, and the Japanese Yen rose.

Gold steady near 2-month highs as N. Korea tensions lend support
Spot gold inched down 0.1 per cent to $1,284.64 per ounce as of 0616 GMT, but was set for a weekly gain of over 2 per cent. US crude was unchanged at $48.59 per barrel and Brent was last at $51.84, down 1.63 percent on the day.

Gary Neville savages Arsenal defender Sead Kolasinac for irresponsible defending
Arsenal were twice behind against Leicester before eventually going on to win the game thanks to Olivier Giroud's late victor . Maguire does really well to guide it across and Okazaki beats (Granit) Xhaka in the air.

11% fall in elephant population in five years, says government report
The population was recorded in the following geographical regions: northern, east-central, northeast, and southern. The Wildlife Trust of India has identified 101 elephant corridors in the country of which six have been secured.

BC to join legal battle against Trans Mountain pipeline
Attorney General David Eby said the province is working within its constitutional powers to challenge the pipeline. That is what drove us in the choices we made and we will stand by those choices".

Holds Position in Intercontinental Exchange Inc. (NYSE:ICE)
Cap Glob Invsts holds 0.02% or 1.13M shares. (NYSE:ICE) traded down 0.084% during mid-day trading on Friday, reaching $65.105. The shares were sold at an average price of $60.37, for a total transaction of $905,550.00. (NASDAQ:NUVA) for 17,060 shares.

PGA Championship: Saturday's shot, hole and quote of the day
And I didn't do it. "Now I'm in a dogfight tomorrow and I have to be prepared for that", said the world number 25. Pampling was obviously rushed, but regardless he produced what will likely be the worst shot of the tournament.

Wellcare Health Plans, Inc. (WCG) Stake Increased by Renaissance Technologies LLC
Following the transaction, the vice president now directly owns 73 shares in the company, valued at approximately $12,545.78. Want to see what other hedge funds are holding WCG? Robotti Robert owns 271,165 shares or 4.62% of their USA portfolio.

Stock Futures Lower Again as North Korea Tensions Intensify
But the increasingly bellicose atmosphere, driven by unpredictable leaders on both sides, has seen anxiety escalate. Benchmark 10-year notes last rose 7/32 in price to yield 2.1888 percent, from 2.211 percent late on Thursday.

© 2015 ExpressNewsline. All Rights reserved.