Published: Fri, August 11, 2017
Economy | By Annette Adams

Seoul shares open lower on heightened tensions over North Korea

Seoul shares open lower on heightened tensions over North Korea

Technology and consumer-focused companies helped lift USA stocks higher Tuesday, steering the market indexes further into record territory. Brent crude, used to price global oils, gained 56 cents to $52.70 in London. A small correction during August could set the direction for the next movement in the stock markets. On Monday, the S&P 500 and Dow closed at record highs.

Nasdaq 100 e-minis were down 39.75 points, or 0.67 percent, on volume of 53,600 contracts.

In the Dow, declines in shares of Merck and those of DuPont, recently down 0.9 percent and 0.8 percent respectively, outweighed gains in shares of Apple and those of Microsoft, recently up 1.3 percent and 0.7 percent respectively.

"The stand-off between the two countries has encouraged dealers to dump stocks and seek safe haven investments like gold".

The 10-year notes US10YT=RR last fell 3/32 in price to yield 2.2655 percent, from 2.257 percent late on Monday.

The dollar also slipped 0.26 percent lower against the yen to 110.01 yen. "Meanwhile, Trump knows that a conflict in North Korea could risk a huge amount of casualties and a huge humanitarian crisis on China's doorstep".

United States president Donald Trump has thwarted the Dow Jones' nine-day winning streak with threats of "fire and fury" against North Korea as the Vix reaches a monthly high.

The Swiss franc was on pace for one of the largest single-day jumps against the euro since the Swiss National Bank removed its cap on the currency in January 2015.

Beyond geopolitical concerns, investors continued to size up company earnings reports.

IN A SKID: Avis Budget Group slumped 6.8% to $31.13 after the auto rental company cut its guidance following a weak second quarter. The stock fell $3.30 to $30.09.

FLOUNDERING: SeaWorld Entertainment slid 4.3% to $13.02 after the theme park operator reported second-quarter revenue that fell short of Wall Street's expectations. The stock fell 85 cents to $12.76.

FASHIONABLE RESULTS: Investors cheered Ralph Lauren's latest quarterly results, sending the designer clothing company's shares up 11% to $86.74.

Priceline Group slumped 6.5 percent after issuing a profit forecast that was weaker than analysts were expecting. The stock was the biggest gainer in the S&P 500.

OIL: Benchmark U.S. crude added 21 cents to $49.38 a barrel on the New York Mercantile Exchange. Brent crude, the worldwide standard, lost 23 cents to $52.14 a barrel in London.

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