US markets close weak amid US-North Korea tensions

US markets close weak amid US-North Korea tensions

US markets close weak amid US-North Korea tensions

The major averages climbed well off their worst levels of the day but still closed in the red.

S&P 500 e-minis were down 10.25 points, or 0.41 percent, with 217,904 contracts traded.

The Dow Jones Industrial Average fell 163 points, or 0.74%, to 21,886, the S&P 500 lost 31 points, or 1.23%, to 2,443 and the Nasdaq Composite dropped 117 points, or 1.84%, to 6,236.

USA stock futures pointed to lower open on Wednesday morning, as investors shunned riskier assets amid intensifying tensions between the US and North Korea, with Pyongyang saying it is considering plans to attack Guam.

US stocks closed lower on Tuesday, scaling back from record highs, after Trump's vow to respond aggressively to any North Korean threats triggered a late afternoon selling spree.

Japan said on Tuesday it was possible that North Korea had already developed nuclear warheads and warned of an acute threat posed by its weapons programs as Pyongyang's continues missile and nuclear tests in defiance of United Nations sanctions.

Pyongyang, which has threatened to fire missiles toward the US Pacific island territory of Guam, gave more details of its plans.

China protests against U.S. warship sailing near disputed islands
The official spoke on condition of anonymity because the official was not authorized to speak to the press about the matter. China has reportedly installed a missile defense system on the new islands.

Separately, U.S. producer prices unexpectedly fell in July, recording their biggest drop in almost a year, weighed down by declining costs for services and energy products. It fell 19 cents, or 0.4 percent, to $49.39 per barrel Monday in NY.

MARKETS ABROAD: In Europe, Germany's DAX rose 0.3 percent, while France's CAC 40 added 0.2 percent.

Excluding food and energy prices, core producer prices still dipped by 0.1 percent in July after creeping up by 0.1 percent in June. A separate Labour Department report showed initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 244,000 for the week ended August 5.

The drop by Disney came after the company reported fiscal third quarter earnings that came in above estimates but on weaker than expected revenues.

A Labour Department report showed its producer price index posted a surprise drop in July, down 0.1 percent for the largest slide in nearly a year.

Investors have been pointing to a number of factors that could drive stocks lower, including valuations that are elevated relative to historical levels, and an uncertain outlook for monetary and fiscal policy.

Extending a recent downtrend, oil service stocks moved significantly lower over the course of the session. Kohl's fell $2.43, or 5.8%, to $39.50.

Stock Highlights on Manitowoc Company (MTW)
Finally, Royal Bank Of Canada reiterated a "hold" rating and issued a $6.50 price target on shares of Manitowoc Company, Inc . The investment managers in our partner's database reported: 100.53 million shares, up from 100.49 million shares in 2016Q3.

Considerable weakness was also visible among tobacco stocks, as reflected by the 1.2% drop by the NYSE Arca Tobacco Index.

Internet, computer hardware, retail, and financial stocks are also seeing considerable weakness, moving lower along with most of the other major sectors.

The Dow lost 36.64 points, or 0.2 percent, to 22,048.70. The strength in the sector comes as gold for December delivery is jumping $11.30 to $1,290.60 an ounce.

"We're not very oversold yet so the market still has more downside left to it".

The Dow is down 44.11 points, or 0.2 percent.

Japan markets are closed for the Mountain Day holiday. Japan's Nikkei 225 Index tumbled by 1.3%, while Hong Kong's Hang Seng Index fell by 0.4%.

Applebee's Will Close at Least 105 Restaurants This Year
Steering DineEquity's ship will be Stephen Joyce, the former CEO at Choice Hotels announced as the company's new leader Thursday. As of the end of the quarter Ameriprise Financial Inc had bought a total of 3,503 shares growing its stake by 117.3%.

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