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Stocks Close Modestly Lower After Trump Warns North Korea

10 August 2017

At 9:37 a.m. ET (1337 GMT), the Dow Jones Industrial Average was down 49.62 points, or 0.22 percent, at 22,035.72, the S&P 500 was down 8.01 points, or 0.32 percent, at 2,466.91.

The stock market continued to slide Wednesday after President Trump's saber-rattling at North Korea unsettled investors, according to analysts.

The president warned Pyongyang that any more threats would be met with "fire and fury like the world has never seen".

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

Stella-Jones (SJ.TO) sales reached $594.2 million, up 5.5% from $563.1 million previous year. Economists had expected job openings to drop to 5.6 million.

Remarks by Federal Reserve officials may also attract attention later this week, as traders look for clues about the outlook for monetary policy. Mainland markets also traded below the flat line, with the Shanghai Composite slipping 0.18% and the Shenzhen Composite lower by 0.14%. The Philadelphia Oil Service Index has fallen by 1.6% and is on pace to end the session at its lowest closing level in over eight years.

US crude oil inventories fell by 6.5 million barrels to 1.15 billion barrels while gasoline inventories rose 3.4 million barrels to 231.1 million barrels in the week ended August 4, the Energy Information Administration reported Wednesday.

North Korea Threatens Retaliation Against US Over UN Sanctions
However, the top USA diplomat said it was not a matter of stopping the launches by "a specific number of days or weeks". They called on ASEAN "to maximize pressure on North Korea".

Declining issues outnumbered advancing ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored advancers. Depomed (DEPO) posted a particularly steep loss after lowering its full-year guidance.

A majority of the major sectors have moved lower on the day, although most are showing relatively modest moves to the downside.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday.

The Standard & Poor's 500 index rose 7 points, or 0.3 percent, to 2,488.

Safe-haven assets gained following the mounting geopolitical tensions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.8 basis points at 2.225 percent.

On the United States economic front, the Labor Department released a report showing labor productivity increased by slightly more than expected in the second quarter.

Earnings news may also continue to attract attention, with Disney (DIS), Hertz Global (HTZ), Hostess Brands (TWNK), and Priceline (PCLN) among the companies releasing their quarterly results after the close of today's trading.

Stocks Close Modestly Lower After Trump Warns North Korea