USA stocks dip as Disney earnings disappoint

Judith Bessette
Agosto 13, 2017

Equities slid overnight as tension continued to escalate, with US President Donald Trump threatening that if the North Korean regime "does anything" to the US or a US ally "things will happen to them like they never thought possible", after Pyongyang announced its plan to fire four missiles near the US territory of Guam.

The broad-based S&P 500 was hit even harder, dropping 1.5 percent to close at 2,438.22, while the tech-rich Nasdaq Composite Index lost 2.2 percent 6,216.87.

USA stocks also fell, lingering in negative territory the entire session, but notching smaller declines than in overseas markets.

Technology companies were leading a broad slide in US stocks in early trading Thursday as investors pored over the latest batch of corporate earnings reports.

An Associated Press report that the US and North Korea have been engaged in back channel talks (https://apnews.com/686ac7c761694b28b67793a1d8297145?link=mktw) for several months even as they exchange incendiary threats may also help to soothe jitters. Banks and retail chains were also among the big decliners.

Several financial sector companies also helped pull down the market.

The Dow slid as declines in Apple and Goldman Sachs, down 2.3% and 1.7% respectively, outweighed gains in McDonald's and Coca-Cola, up 1.4% and 0.5% respectively. Shares of Macy's lost 10% and Kohl's fell 5.8%.

Kahne confident about post-Hendrick future
The decision left Kahne looking for a ride in 2018, though team owner Rick Hendrick indicated that he would try to aid his search. Kahne admitted top-level vacancies for next season are scarce, but he holds out hope that new driving duties will develop. "Mr.

Macy's dropped 4.2 percent as it reported second-quarter revenues fell 5.4 percent to $5.6 billion, another sign of the travails facing department stores. Dillard's slumped 15.5 percent after the chain booked a loss for the second quarter as increased inventory led to big discounts.

Blue Apron Holdings fell 18% after saying it lost more money than analysts had expected in its first quarterly earnings report since going public in June. The trend appeared to overshadow strong quarterly revenue growth in the quarter.

OIL: Benchmark U.S. crude gained 13 cents to $49.69 a barrel on the New York Mercantile Exchange.

Other markets: Oil turned lower after the International Energy Agency said oil supply rose for a third month as compliance with an OPEC output deal faltered but prices have rebounded (http://www.marketwatch.com/story/oil-prices-head-lower-as-global-tensions-continue-unabated-2017-08-11) to edge up. Economists had expected prices to rise by 0.2 percent.

Gold added $10.80, or 0.8 percent, to settle at $1,290.10 an ounce.

The S&P hasn't moved more than 0.5 per cent in one day since July and has fallen more than 1 per cent only twice this year. Copper fell 2 cents to $2.90 a pound.

Korea's Samsung Electronics fell 2.8% Friday. The major index futures are now pointing to a modestly higher open for the markets, with the Dow futures up by 21 points. Against the euro, the dollar is valued at $1.826 compared to yesterday's $1.1772. Australia's S&P/ASX 200 edged down almost 0.1 percent.

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