Economy

S&P falls 1.4 percent in safety flight on North Korea tensions

S&P falls 1.4 percent in safety flight on North Korea tensions

Stocks are ending broadly lower on Wall Street, led by declines in technology companies and banks, two of the highest-performing sectors over the a year ago.

The S&P 500 index was on track for its first daily drop of more than 1 percent in nearly three months on Thursday as investors grew cautious over escalating tensions between the United States and North Korea.

Simmering tensions between the U.S. and North Korea have come back to the boil in recent days after Pyongyang disclosed plans to fire missiles over Japan to land near America's Pacific territory of Guam.

Wall Street's so-called "fear gauge", the CBOE Volatility Index, meanwhile, hit the highest levels since Election Day on Friday (http://www.marketwatch.com/story/wall-streets-fear-gauge-on-course-for-biggest-weekly-surge-in-2-years-2017-08-11), after a spike on Thursday.

The Standard & Poor's 500 index fell 5.99 points, or 0.2 percent, to 2,474.92.

Dow e-minis were down 24 points, or 0.11 percent, with 22,166 contracts changing hands.

North Korea tensions continue to weigh on global stocks
Shanghai's main index also tumbled 1.6 percent to 3,208.54 while Australia's S&P/ASX 200 dropped 1.2 percent to 5,693.10. Benchmark U.S. crude rose 23 cents to settle at $48.82 a barrel on the on the New York Mercantile Exchange.

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. Australia's S&P/ASX 200 edged down almost 0.1 percent to 5,760.90, while South Korea's Kospi fell 0.5 percent to 2,357.84.

OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, declined 20 cents to $51.70 per barrel in London.

Charter Communications rose 2.9 per cent on news Altice is exploring a bid for the cable giant.

Ralph Lauren gained $10.38, or 13.3 percent, to $88.53, while peer-to-peer loan company LendingClub added 99 cents, or 18.1 percent, to $6.45. Each fell at least 1.4%.

Markets in Italy, France and Germany also saw declines.

The UK blue-chip index closed 113 points, or 1.5%, lower at 7,385, steadily losing ground as the trading session wore on. Brent crude, used to price global oils, gained 56 cents to $52.70 in London.

SoundCloud appoints new CEO, gets $170 million in emergency cash
The first 10 years are done, and now we're onto decade II. "There is only one SoundCloud and its importance to creators and music culture is undeniable".

About 6.48 billion shares changed hands on US exchanges on Wednesday compared with the 6.16 billion average for the last 20 sessions.

Nvidia's quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 5.43 percent.

Sterling was also down 0.1% versus the euro at 1.104.

Pension funds that holds billions of pounds worth of retirement savings are typically invested in the FTSE 100, meaning savers could see values fall amid sell-offs. The index dropped to a one-month closing low.

South Korea's KOSPI fell 1.7 per cent on Friday to its lowest since May 24, but its losses for the week were a relatively modest 3.2 per cent. The Shanghai Composite slipped 0.4 percent to 3,261.75.

Is US gearing up for military action or is Trump bluffing?
In national media interviews , Senator Dan Sullivan said Congress holds final authority when it comes to preemptive war strikes. While I have great confidence in our military's capabilities in the Pacific...


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