Markets

Stock markets lower, gold price continues to rise amid political tensions

Stock markets lower, gold price continues to rise amid political tensions

Aug 11 (Reuters) - U.S. stocks indexes were higher in afternoon trading on Friday, on track to snap a three-day losing streak, as tepid inflation data brought back investors to riskier assets, despite heightened tensions between the United States and North Korea.

Trump said on Thursday that his first threat to unleash "fire and fury" may not have been tough enough.

In his latest warning to North Korea, U.S. President Donald Trump said on Friday military solutions were "fully in place" and referred to American weapons as being "locked and loaded" should the nuclear-armed nation act "unwisely".

"If the market truly believed the North Korea reaction was imminent, I think it would be down a lot more than it is", said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.

At 9:34 a.m. ET (1334 GMT), the Dow Jones Industrial Average was up 54.06 points, or 0.25%, at 21 898.07, the S&P 500 was up 5.23 points, or 0.21%, at 2 443.44.

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, rose to a near three-month high of 15.36.

The Nasdaq Composite was down 37.30 points, or 0.59%, at 6,315.03.

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.

Facebook launches "secret" app to dodge the bans in China
It was unclear if China's various internet regulators were aware of the app's existence, the Times said. In the rest of the world, the company's Moments app connects users through Facebook.

All the 11 major S&P indexed were lower, with technology sector's 0.62% leading the decliners.

In other news, USA wholesale inflation dropped in July, the first contraction in almost a year and another data point that could weaken the case for the Federal Reserve to raise the benchmark interest rate again later this year.

The Russian dollar-traded index RTS was down 1.49 percent, and ruble-traded MICEX fell 1.29 percent by midday.

The weaker-than-expected consumer price data in July, which pointed to benign inflation, could cause the Federal Reserve to hold off from raising rates again this year.

Blue Apron slumped as much as 19.1 percent to a record low after the meal-kit delivery service provider reported a bigger-than-expected loss in its first quarterly report as a public company.

Travel operator TUI flew slightly higher after reporting on a strong third quarter performance, with sales and profits taking off during the early summer months, although it left its full year targets unchanged.

Selling was broad. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq, a 3.60-to-1 ratio favored decliners. On the Nasdaq, 1,462 issues rose and 1,227 fell.


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