Wall Street lower on US-North Korea tensions

Trump Rhetoric Sinks Global Stocks -- Update

The dollar hit an eight-week low against the yen Thursday on U.S.

The dollar was down 0.53 percent against the yen at 109.48 yen, after briefly dropping as low as 109.53. It was the biggest percentage loss since mid-June.

"A combination of softer euro zone economic data, solid US reports and market positioning all resulted in a markedly heavier tone for the single currency", Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington, said in a note. Remember that earlier this year, markets had a similar response to North Korea/U.S. tensions, which they quickly got over.

"The declines in USA markets started to gain traction in the afternoon session as nervousness set in after President Trump warned North Korea that they would face "fire and fury like the world has never seen", if they continued with their attempts to build a nuclear warhead, that is able to hit the western US". Of the index's 10 main sector groups, seven finished in the red.

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But safe havens benefited from the move away from stocks with gold rising by just under one percent after surging 1.3 percent Wednesday.

In other corporate results, a number of companies reported forecast-beating numbers. The company's stock (NYSE:DIS) dropped $4.15, or 3.88 per cent, to US$102.83. Dillard's, however, posted much weaker-than-expected results, sending the stock down 15 percent. S&P 500 futures are down 0.24%, Nasdaq futures are down 0.27%, and Dow 30 futures are down 0.15%.

So far it's just been a war of words between the US and North Korea so the rally has just been a normal reaction to the possibility of a geopolitical event.

The meeting was called after North Korea earlier this week declared that it will quote "seriously" examine an "enveloping strike" of Guam with four of its missiles, and will finalize a plan to do that by mid-August.

McCain Asks Trump To Tone Down Rhetoric On North Korea
"And I hope the president, which he is not now, is very careful about what his language is, and what he threatens", McCain said. Trump speaking more loosely - and in the eyes of critics, recklessly - about the most devastating weapon known to man".

"Too many past administrations have kicked the can down the road and we've finally come to the end of the road where North Korea has nuclear weapons and the means to deliver them", he said.

"When investors are optimistic to the extreme, it means that most of their money is already in the market and there's no more money coming in", Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Sarasota, Florida.

ENERGY: Benchmark U.S. crude gained 1 cent to $49.57 a barrel in electronic trading on the New York Mercantile Exchange. It is now on track for its biggest weekly drop since the week before the November 8 US presidential election. It now expects growth of 1.37 million barrels a day in 2017.

Most large-cap stocks were mixed across the board. "Standard safe haven instruments are still being preferred at this point, with the yen well bid against its peers and gold a little higher after seeing strong gains on Wednesday, while equities are getting no love", said Craig Erlam, senior market analyst, at Oanda.

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Retailers slid after department stores Macy's and Kohl's both said same-store sales continued to decline in the second quarter.

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