Sunday, 20 August, 2017

US Stocks Decline as Dow Jones Breaks Winning Streak

Dow Jones Industrial Average Daily September E-mini Dow Jones Industrial Average
Heather Davidson | 10 August, 2017, 00:39

Markets in Canada's largest centre were set to follow global markets lower on Wednesday as investors held back from betting on riskier assets amid escalating North Korea tensions.

North Korea said it was considering an attack on the U.S. Pacific territory of Guam just hours after President Donald Trump warned Pyongyang that any threat to the U.S. would be met with "fire and fury". S&P 500 futures are down 0.24%, Nasdaq futures are down 0.27%, and Dow 30 futures are down 0.15%.

Oil managed to end higher today, after the Energy Information Administration reported a bigger-than-expected decrease in domestic crude inventories last week.

The Nasdaq Composite was down 16.88 points, or 0.26 percent, at 6,353.58.

The 10-day Dow winning streak that ended was the second double-digit string of up days this year - the first time that has happened since 1959.

German flavours and fragrance maker Symrise fell 3.6 percent, with analysts pointing to margins missing estimates.

The Standard & Poor's 500 index fell 4 points, or 0.2 percent, to 2,476.

Gold was the big victor Wednesday as stocks pared back to moderate losses and Walt Disney (DIS) dragged on the Dow, while Netflix (NFLX) and Priceline Group (PCLN) hindered the Nasdaq and retailers took some brutal hits after reporting second-quarter results. September-dated crude futures settled up 0.8%, or 39 cents, at $49.56 per barrel. It fell 19 cents, or 0.4 percent, to $49.39 per barrel Monday in NY.

Pyongyang said it was examining plans for attacking Guam, a US territory in the Pacific that has a USA military base. Brent crude, the worldwide standard, lost 28 cents to $52.09 a barrel in London. The yield on the 10-year Treasury note rose to 2.27 percent from 2.26 percent late Monday.

Markets were also lower in Europe and Asia.

Disappointing earnings also helped pull the market lower Wednesday. Sydney's S&P-ASX 200 gained 0.5 percent to 5,773.70 while Manila, Malaysia and Jakarta also rose.

Wider Asian markets down: Japan's Nikkei stock index closed down 1.33%, the Hong Kong Hang Seng index is down 0.35%, and China's Shanghai Composite is down 0.28%. Elsewhere, the German Dax has opened down 0.80%, France's CAC40 index is down 0.87%, and the Euro Stoxx 50 is down 0.81%.

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