Декабря 12, 2017


Stocks Claw Back Gains but North Korea Keeps Pressure on

13 Августа 2017, 05:33 | Hattie Nash

On Thursday, the three major US indexes logged their worst performances since mid-May (http://www.marketwatch.com/story/US-stocks-set-up-for-another-day-of-losses-as-north-korean-tensions-simmer-2017-08-10) in a session dogged by geopolitical concerns. The single-session equity put/call ratio jumped to 0.83 - the highest since April - and the 21-day moving average rose to 0.65.

Still, there were fewer signs of anxiousness in the markets Friday.

Investors had rushed to safe-haven assets after strongly worded exchanges between Washington and nuclear-armed North Korea late on Tuesday.

European markets registered their worst weekly loss this year on Friday amid rising tensions between United States and North Korea. "If the answer is 'yes, ' then you better get defensive".

"Generally, earnings are good, .it's our view that this pullback (in stocks) should provide good buying opportunities", ABC Funds' Michael said.

The S&P 500, which had its biggest one-day drop in nearly three months on Thursday, was on track to post its biggest weekly decline since November.

He said the crisis provided a "perfect trigger" for a correction at a time when many markets - including the FTSE 100 - were at or around record highs, leaving them vulnerable to a sell-off if investors think it is time to take profits. Stocks in Taiwan, Singapore and other Southeast Asian countries were also lower.

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Wall Street's so-called "fear gauge", the CBOE Volatility Index, meanwhile, hit the highest levels since Election Day on Friday (http://www.marketwatch.com/story/wall-streets-fear-gauge-on-course-for-biggest-weekly-surge-in-2-years-2017-08-11), after a spike on Thursday. It slipped Friday but was still on track to end the week up around 50%.

"Results have been fairly okay, but the reaction to the results has been on the soft side. which perhaps suggests investors are increasingly nervous that valuations are getting to unsustainable levels", Harper said. Shares of fellow department store J.C. Penney dropped 15% Friday after the company's second-quarter loss exceeded expectations.

Nvidia Corp.(NVDA) shares fell 7%, even after the chip maker posted upbeat earnings late Thursday.

The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1.5 percent to C$92.88, and Manulife Financial Corp falling 4.7 percent to C$24.43, its largest drop since early August previous year.

Declining issues outnumbered advancing ones on the NYSE by a 2.29-to-1 ratio; on Nasdaq, a 2.47-to-1 ratio favored decliners. Hong Kong's Hang Seng Index plunged by 2%, while South Korea's Kospi Index slumped by 1.7%.

The Nasdaq Composite, meanwhile, was facing its worst week since the one ended December 2, which logged a loss of just over 2%.

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