Markets

Tech companies lead broad slide in United States stocks; oil rises

Tech companies lead broad slide in United States stocks; oil rises

The yen also eased slightly against the dollar, losing some steam after having risen on Wednesday to its highest level in almost eight weeks.

"Trump's response was aggressive and that's why the market turned lower", said Ken Polcari, a director at O'Neil Securities.

But he said that investors remained wary of events that could spike volatility in the foreign exchange market on the holiday Friday.

Analysts pointed to the harsh threats and sabre rattling from US President Donald Trump, including a message Wednesday on Twitter boasting that the US nuclear arsenal was now "more powerful than ever before".

Earlier, Trump warned North Korea on Tuesday it would face "fire and fury" if it threatens the United States, prompting the nuclear-armed nation to say it was considering firing missiles at Guam, a US -held Pacific island. Trump's comments followed reports the North has mastered a technology needed to strike the United States with a nuclear missile. Trump's remarks were provoked by Pyongyang's threats of "physical" retaliation for new sanctions imposed by the United Nations and vocally supported by the USA and South Korea.

FINANCIALS FALLING: Several financial sector companies also helped pull down the market. Adecco Group's share price plunged 5.7% following its results that got investors to question the company's relative valuation to its peers.

Gold hit a two-week low on Tuesday after U.S.jobs data came in better than expected and the dollar turned positive, while investors awaited US inflation figures later this week for further clues about the pace of interest rate rises.

It stood 0.16 percent down on the day at 109.03 yen per dollar by 1047 GMT. South Korea's Kospi fell 0.2 percent. Earlier in the session, it marked its highest since June 8 at $1,288.92 an ounce.

Woman fatally attacked by hippo while on safari
Her grandson Eric Strickler wrote on Facebook: 'You were an unbelievable woman and the greatest grandmother anyone could ask for'. Kirken had posted as late as the day she died about witnessing a large animal migration, local Fox affiliate WJBK reported .

Shortly after the start of trading, the Commerce Department is scheduled to release its report on wholesale inventories in the month of June. The Shanghai Composite slipped 0.4 percent to 3,261.75.

Even so, Wall Street remains near record highs.

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

The Dow Jones Industrial Average fell 70.4 points, or 0.32 percent, to 22,014.94, the S&P 500 lost 5.51 points, or 0.22 percent, to 2,469.41 and the Nasdaq Composite dropped 31.19 points, or 0.49 percent, to 6,339.27.

"It looks like a technical correction, but if there's more bad news in the days to come, or if geopolitical tensions escalate, this short-term correction could become a major correction for stock markets here and globally", CMC Markets analyst Margaret Yang said.

Benchmark U.S. 10-year notes were last up rose 11/32 in price to yield 2.2423 percent, from 2.282 percent late on Tuesday.

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.


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