partlycloudy
Thursday August 17th, 2017 3:16PM

Tech companies leads broad slide in US stocks; oil slumps

By The Associated Press
Related Articles
  Contact Editor

Technology companies led a broad slide in U.S. stocks Thursday afternoon, putting the market on track for its biggest loss in two months. Financial companies and department store operators were among the big decliners. A batch of disappointing earnings results from big retail chains and simmering tensions between the U.S. and North Korea weighed on the market. Oil prices veered lower as early gains faded.

KEEPING SCORE: The Standard & Poor's 500 index fell 24 points, or 1 percent, to 2,449 as of 2:16 p.m. Eastern time. The Dow Jones industrial average slid 125 points, or 0.6 percent, to 21,923. The Nasdaq composite lost 99 points, or 1.6 percent, to 6,252. The Russell 2000 index of smaller-company stocks gave up 19 points, or 1.4 percent, to 1,377.

SIMMERING TENSIONS: North Korea revealed on Thursday a detailed plan to launch a salvo of ballistic missiles toward the U.S. Pacific territory of Guam, a major military hub and home to U.S. bombers. Japan and South Korea vowed a strong reaction if the North were to go through with the plan. The move added to escalating U.S.-North Korea tensions. The VIX, a measure of how much volatility investors expect in stocks, jumped 34.8 percent, the biggest increase since May.

TECH SLIDE: Losses among technology stocks led the market slide. Nvidia fell $4.73, or 2.7 percent, to $167.38. Advanced Micro Devices gave up 50 cents, or 3.9 percent, to $12.33.

FINANCIALS FALLING: Several financial sector companies also helped pull down the market. Bank of New York Mellon fell $1.56, or 2.9 percent, to $52.48, while Citizens Financial Group slid 86 cents, or 2.5 percent, to $34.17.

RETAIL SLUMP: Disappointing quarterly results from big department store chains put investors in a selling mood. Macy's was down 9.7 percent after the company said its sales continued to decline in the second quarter. The stock fell $2.25 to $20.79. Dillard's slumped 17.8 percent after the chain booked a loss for the second quarter as increased inventory led to big discounts. Its shares tumbled $13.09 to $60.25. Kohl's also declined, sliding $2.66, or 6.3 percent, to $39.28.

UNDERCOOKED: Blue Apron slumped 17.1 percent after the meal kit seller reported a sequential decline in customers in the second quarter due to a planned reduction in marketing. The trend appeared to overshadow strong quarterly revenue growth in the quarter. The stock fell $1.07 to $5.17.

BONDS: Bond prices rose. The yield on the 10-year Treasury note slipped to 2.21 percent from 2.25 percent late Wednesday.

OIL: Crude oil gave up early gains. Benchmark U.S. crude fell 83 cents, or 1.7 percent, to $48.73 a barrel on the New York Mercantile Exchange. It added 39 cents to $49.56 a barrel on Wednesday. Brent crude, used to price international oils, slid 52 cents, or 1 percent, to $52.18.

METALS: Gold added $10.80, or 0.8 percent, to settle at $1,290.10 an ounce. Silver gained 20 cents, or 1.2 percent, to $17.07 an ounce. Copper fell 2 cents to $2.90 a pound.

CURRENCIES: The dollar slipped to 109.31 yen from 109.85 late Wednesday. The euro rose to $1.1753 from $1.1752.

MARKETS OVERSEAS: Major indexes in Europe slumped. Germany's DAX fell 1.1 percent, while the CAC 40 in France lost 0.6 percent. Britain's FTSE 100 sank 1.4 percent. Earlier in Asia, Japan's benchmark Nikkei 225 slipped less than 0.1 percent, while Hong Kong's Hang Seng slid 1.1 percent. South Korea's Kospi fell 0.5 percent. Australia's S&P/ASX 200 edged down nearly 0.1 percent.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Snapchat's not-growing pains are a boom for Instagram
Snap Inc should be very worried about Facebook's Instagram Stories, which now has more users than Snapchat itself
2:41PM ( 8 minutes ago )
Taylor Swift testifies former DJ groped her under her skirt
Taylor Swift has testified that a former radio DJ reached under her skirt and intentionally grabbed her backside during a meet-and-a-greet photo session before a 2013 concert in Denver
2:33PM ( 16 minutes ago )
Tech companies leads broad slide in US stocks; oil slumps
Technology companies are leading a broad slide in U.S. stocks, a decline that has the market on pace for its biggest loss in two months
2:28PM ( 21 minutes ago )
Associated Press (AP)
Postal Service: More red ink, missed payments as mail slumps
The U.S. Postal Service is warning that it will likely default on up to $6.9 billion in payments for future retiree health benefits for the fifth straight year
2:11PM ( 38 minutes ago )
Magazine: Law didn't require consent to tape Scaramucci call
Anthony Scaramucci complains that his profanity-laced phone call that preceded his ouster as White House communications director was recorded without his permission, but the magazine notes that the law doesn't require his consent.
2:09PM ( 40 minutes ago )
Trump resumes taunts of Senate GOP leader over health care
President Donald Trump is tossing more barbs at the Senate Republican leader over the failure to repeal and replace the Obama health care law
1:53PM ( 57 minutes ago )
AP Business
Tech companies lead broad slide in US stocks; oil rises
Technology companies are leading a broad slide in U.S. stocks in morning trading as investors pore over the latest batch of corporate earnings reports
11:21AM ( 3 hours ago )
The Latest: Possibly tainted eggs found in more countries
Reports of possibly tainted eggs linked to the pesticide scandal in the Netherlands and Belgium are cropping up in several countries
10:33AM ( 4 hours ago )
Blue Apron 2Q revenue beats, but scales back marketing
Blue Apron reported strong 2Q revenue growth, but the meal kit seller scaled down marketing efforts and posted a sequential decline in customers
9:53AM ( 4 hours ago )
AP Business - Corporate News
US wholesale prices edged down 0.1 percent in July
Inflation at wholesale level slipped 0.1 percent in July as energy costs decline for third month
8:52AM ( 5 hours ago )
US weekly requests for jobless aid up 3,000 to 244,000
More Americans applied for jobless aid last week. Despite the small increase, the number of people seeking benefits remains close to historic lows.
8:35AM ( 6 hours ago )
Global stocks fall on rising unease over North Korea
Global stock markets are down on growing unease over tensions between the US and North Korea
8:19AM ( 6 hours ago )
AP Business - Economy
Tensions over North Korea weigh on stocks but boost gold
Worries over a potential confrontation between the United States and North Korea weighed heavily on global stock markets
8:17AM ( 1 day ago )
Global stocks slide as US-North Korea nuclear tensions rise
Global stock prices have slid after U.S. President Donald Trump and North Korea traded threats over the North's nuclear program
5:12AM ( 1 day ago )
Asian stocks lower as US-North Korea nuclear tensions rise
Asian stock markets have slid following Wall Street losses as Washington and Pyongyang traded threats over the North's nuclear program
1:11AM ( 1 day ago )
AP Business - Financial Markets
Study says Trump moves trigger health premium jumps for 2018
Trump administration moves are triggering double-digit premium increases on individual health insurance policies purchased by many people _ according to a new analysis by the Kaiser Family Foundation.
11:23AM ( 3 hours ago )
Extreme heat in Europe decimating crops and stoking drought
Authorities and experts are warning that extremely hot and dry summer this year in the Balkans has decimated crops, dried rivers and hurt the animal world
10:16AM ( 4 hours ago )
Pope Francis to Belgian Catholics: Stop offering euthanasia
The Vatican says Pope Francis has ordered a Belgian Catholic charity to stop offering euthanasia in its psychiatric hospitals
7:54AM ( 6 hours ago )
AP Business - Industries
Keystone XL foes question proposed route through Nebraska
Opponents of the Keystone XL pipeline are questioning its proposed route through Nebraska in hopes that state regulators will reject the project or impose restrictions
8:27PM ( 1 day ago )
Trump warns NKorea of 'fire and fury' if it threatens US
President Donald Trump blasts North Korea after a new report says U.S. intelligence has assessed that Pyongyang has successfully produced a nuclear warhead that can fit inside its missiles
5:11PM ( 1 day ago )
Trump blasts NK over new report about its nuclear weapons
President Donald Trump blasts North Korea after a new report says U.S. intelligence has assessed that Pyongyang has successfully produced a nuclear warhead that can fit inside its missiles
4:13PM ( 1 day ago )
AP Business - Utilities
Snapchat's not-growing pains are a boom for Instagram
Snap Inc should be very worried about Facebook's Instagram Stories, which now has more users than Snapchat itself
2:41PM ( 8 minutes ago )
Taylor Swift testifies former DJ groped her under her skirt
Taylor Swift has testified that a former radio DJ reached under her skirt and intentionally grabbed her backside during a meet-and-a-greet photo session before a 2013 concert in Denver
2:26PM ( 23 minutes ago )
Blue Apron revenue beats forecast, but hurt by plant delays
Blue Apron reports strong revenue growth, but says it's having unexpected delays at a new plant
2:24PM ( 25 minutes ago )
Department store chains see key sales figures fall again
Macy's, which is trying to turn its business around, said Thursday that an important sales figure fell again in the latest quarter, its tenth straight quarter of sales declines.
2:23PM ( 27 minutes ago )
Bank of England says animal fat will stay in banknotes
The Bank of England has rejected calls from some vegetarians to scrap new banknotes that contain traces of animal fat
2:22PM ( 28 minutes ago )