Published: Sun, August 13, 2017
Markets | By Noel Gibbs

Markets Right Now: Stocks drop, led by technology companies

Markets Right Now: Stocks drop, led by technology companies

The Dow Jones Industrial Average rose 14.31 points to close at 21,858.32.

The Standard & Poor's 500 index lost 35.81 points, or 1.4 percent, to 2,438.21. The Nasdaq lost 135 points, or 2.1 percent, to 6,216.

"We're not very oversold yet so the market still has more downside left to it", said Robert Pavlik, chief market strategist at Boston Private Wealth in NY. "And while risks remain elevated from a geopolitical perspective, valuations are not necessarily excessive, though full".

The latest USA economic data cemented expectations that inflation will remain subdued amid a robust labour market.

Read:Few investors are excited about stocks.

Cracks are showing in what has been a virtually non-stop US equity rally after a rapid escalation of tension between North Korea and the United States this week.

Iran's parliament votes to increase missile funds following USA sanctions
The parliament's majority voted for the bill, which was a response to the US new sanctions against the Islamic Republic. Iran's Deputy Foreign Minister Abbas Araghchi said the bill passed on Sunday had the support of the government.


His comments came in response to North Korea's threat to fire ballistic missiles toward the US territory of Guam, which is home to USA strategic bombers, a naval station and other strategic assets.

For the week, the Dow is down 1.1%, its biggest one-week drop since November.

The dollar-denominated RTS index was down 1.5 percent at 1,013 points as of 0834 GMT, taking its year-to-date loss to 12 percent.

"There's not a fundamental reason why what we're seeing out of North Korea right now should affect stock market prices, but it's being used as the reason to sell off right now because we've been looking for it for so long", Schiegoleit said.

Market analysts expect that the pullback in stocks due to the increasingly aggressive tone in exchanges between Washington and Pyongyang will continue, although investors hope that the selling will not escalate to a correction - a decline of 10 percent or more.

Technology companies were leading a broad slide in USA stocks in early trading Thursday, Aug. 10, 2017, as investors pored over the latest batch of corporate earnings reports.

W2W4: Who will win the PGA Championship?
World number 25 Kisner, seeking his first major title, sank a 48-foot eagle putt at the seventh to highlight his second round. A score of +2 for the tournament with leave him 10 shots behind leader Kevin Kisner heading into moving day.


Nvidia Corp.(NVDA) shares fell 5.3%, even after the chip maker posted upbeat earnings late Thursday.

Most large-cap stocks fell across the board.

USA stock futures were pointing to a weaker open on Friday.

USA stocks rose Friday but still notched their biggest weekly loss in months, as investors were shaken by disappointing earnings results and an escalation of threats between the US and North Korea.

An editorial in China's state-run Global Times (http://www.globaltimes.cn/content/1060791.shtml), published late Thursday local time, added to the pressure on Asian markets.

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.

Team Liquid Wins Dota 2's $24 Million The International Tournament
None other could do so with such persuasiveness and prowess as Team Liquid , the victor of this year's Championship. After all, LFY took down Newbee 2-0 in the group stage, and the upper bracket 2-1 Newbee victory was hard-fought.


Gold prices posted strong weekly gains (http://www.marketwatch.com/story/gold-heads-for-strong-weekly-gain-as-stock-market-exit-persists-2017-08-11) thanks to safe-haven demand.

Like this: