Business

S&P closes barely lower despite N. Korea tensions

S&P closes barely lower despite N. Korea tensions

Spot gold inched down 0.1 percent to $1,284.64 per ounce as of 0616 GMT, but was set for a weekly gain of over 2 percent.

USA stocks edged higher in early trading Friday, recouping some of the ground they lost after the market's biggest single-day drop in almost three months.

The S&P 500 and Nasdaq followed the Dow, falling 1.5 percent and 2.1 percent, respectively.

"Amid tensions in the worldwide arena, it's hard to seek higher prices ahead of three days of holidays", Kawaguchi said.

The U.S. equity market is hovering near record levels and volume has been tepid following the onset of summer.

The pan-European FTSEurofirst 300 index lost 1.19 percent.

The dollar was further weighed on Friday by the soft US inflation data.

North Korea had responded to Trump's previous promise to unleash "fire and fury" with a threat to land missiles near the U.S. Pacific territory of Guam.

Shares of Snap were down as much as 14.23 percent and hit an all-time low following a miss on revenue and daily active users. On the Nasdaq, 1,440 issues fell and 1,386 advanced.

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TECH SLIDE: Losses among technology stocks led the market slide.

THE QUOTE: While the tough talk about the potential for war is scary, investors have heard it many times before. The yield on the 10-year Treasury note slipped to 2.19 percent from 2.20 percent late Thursday.

The warning from Tom Elliott, International Investment Strategist at deVere Group, one of the world's largest independent financial services organizations, coms as the tensions contributed to a rally in defensive assets on global financial markets this week. The consumer discretionary index was one of its biggest losers with a 0.47 percent drop.

Macy's sank 10.3 percent and Kohl's lost 5.8 percent.

Bond prices, which move inversely to yields, closed higher. Overnight, MSCI's broadest index of Asia-Pacific shares outside Japan .miapj0000pus had skidded 1.55 percent, its biggest one-day loss since mid-December, to leave it down 2.5 percent for the week."What has changed this time is that the scary threats and war of words between the USA and North Korea have intensified to the point that markets can't ignore it", said Shane Oliver, head of investment strategy at AMP Capital in Sydney.

Disappointing economic data releases weighed on both sides of the Atlantic today with a negative goods trade balance for the United Kingdom (-0.1% versus expectations of 1.4%), higher unemployment claims from the U.S. (244,000) and also a negative month-on-month PPI figure for the USA (-0.1%).

In currency markets, the Canadian dollar was trading at an average price of 78.71 cents USA, down 0.20 of a U.S. cent. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman all rose and the Dow Jones U.S. defense index was up 1.6 percent after hitting a record high.

S&P 500 e-mini futures were down 0.2 percent, while the dollar dipped 0.2 percent against its perceived safe-haven Japanese counterpart to 110.12 yen.


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