Stocks open lower; Disney and Netflix fall

Judith Bessette
Agosto 13, 2017

The Nasdaq Composite Index rose 10 points to 6,225, a rise of 0.2%. In a note to investors, Paul Christopher, head global market strategist, and Tracie McMillion, head of global asset allocation, suggest, "the threat of a nuclear weapon is certainly more serious than previous threats, but that threat also may increase the probability of a diplomatic solution".

North Korea claimed "only absolute force" can work on someone as "bereft of reason" as Trump and detailed plans to fire a salvo of missiles into waters around the US Pacific territory of Guam.

President Donald Trump warned North Korea of "fire and fury" this week in response to recent threats from Pyongyang, which said it was examining plans for attacking Guam, a USA territory in the Pacific with a military base.

The VIX, a measure of how much volatility investors expect, jumped to its highest level since May.

The Dow and the S&P clung to tiny gains on Tuesday after scaling new records as support from technology stocks offset weakness in the healthcare and materials sectors.

Bond prices were little changed. Operating profits were 5% higher to £2.4bn (consensus: £2.02bn) on an IFRS basis and at constant exchange rates but 15% ahead at current exchange rates.

SALES SLUMP: J.C. Penney sank 17.8 percent after the struggling department store chain reported quarterly results that fell short of Wall Street's expectations.

North Korea tensions continue to weigh on global stocks
The Vix, Wall Street's so-called fear index, spiked last night as tensions between the USA and North Korea continued to escalate. The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts.

In the latest economic data, the consumer-price index (http://www.marketwatch.com/story/us-consumer-inflation-remains-soft-in-july-cpi-shows-2017-08-11) rose a seasonally adjusted 0.1% in July, its fifth straight month of softness, raising more questions about whether inflation will eventually rise to hit the Federal Reserve's 2% annual rate target. The stock lost 84 cents to $3.87.

The dollar index fell 0.32 per cent, with the euro up 0.42 per cent to US$1.1819.

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 global oils, declined 20 cents to $51.70 per barrel in London.

In oil, Brent crude was dragged 0.5% lower at 52.46 U.S. dollars a barrel despite Opec forecasting increased demand for oil next year.

The yen on Friday added to a strong weekly rally against the dollar of close to 1.5 per cent, hitting its highest versus the greenback in nearly four months, at 108.73 yen. Germany's DAX was flat, while France's CAC 40 fell 1.1 percent.

The biggest risers on the FTSE 100 Index were Coca-Cola HBC up 219p to 2,592p, WorldPay up 19p to 407.5p, Randgold Resources up 95p to 7,475p, WPP up 19p to 1,581p.

However, bank stocks, including Goldman Sachs, Bank of America and Morgan Stanley, were down about 1 percent on the dimming prospects of another rate hike this year. He said that North Korea "can be very very nervous" if it acts on either the United States or its allies, and warned that "things will happen to them like they never thought possible". In Asia, several indexes closed lower overnight. Japan was closed on a public holiday.

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