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Geopolitical Concerns Lead To Weakness On Wall Street

10 August 2017

At the close of trading in NY, the Dow Jones Industrial Average was down 33.08 points, or 0.15%, to 22,085.34.

USA stock index futures pointed to a slightly lower open on Wednesday, as investors focus on rising geopolitical tensions between the US and North Korea, and get ready to pore over another slew of corporate earnings. The Dow is down 48.57 points or 0.2% at 22,036.77, the Nasdaq is down 20.93 points or 0.3% at 6,349.53 and the S&P 500 is down 3.18 points or 0.1% at 2,471.74.

Other stock indexes also ended the day lower.

The stock market continued to slide Wednesday after President Trump's saber-rattling at North Korea unsettled investors, according to analysts.

"Trump's comments about North Korea have created nervousness and the fear is if the president really means what he said "fire and fury".

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The back-and-forth came on the heels of reports the USA intelligence community has determined North Korea has successfully produced a miniaturized nuclear warhead that can fit inside its missiles.

The Toronto Stock Exchange's S&P/TSX composite index was down 39.02 points to 15,217.33 in a broad-based decline that saw many sectors finish in the red while bullion stocks surged almost 1.9 per cent. Fashion chain Michael Kors jumped nearly 22 percent, after better than expected results.

On the United States economic front, the Labor Department released a report showing labor productivity increased by slightly more than expected in the second quarter.

Apple (AAPL.O) pared gains after rising as much as 1.91 percent to an all-time high and provided the biggest boost to all three indexes, while healthcare stocks such as Johnson & Johnson (JNJ.N) were the biggest weight on the S&P. Henry Schein lost 5.1 percent and Microsoft lost 0.6 percent.

Declining issues outnumbered advancing ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored advancers.

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In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday.

Networking, semiconductor, and internet stocks are also seeing some weakness, while gold stocks are moving notably higher amid a jump by the price of the precious metal.

The Standard & Poor's 500 index rose 7 points, or 0.3 percent, to 2,488. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.5 basis points at 2.228%.

In the bond market, treasuries moved back to the downside following the uptick seen in the previous session. Japan's Nikkei 225 Index fell by 0.3%, while Hong Kong's Hang Seng Index advanced by 0.6%.

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Geopolitical Concerns Lead To Weakness On Wall Street