Stocks stumble, benchmark Treasury yield drops to YTD low

Lucy Hill
September 6, 2017

The broad-based S&P 500 also lost 0.4 percent to 2,467.30, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 6,403.85.

USA stock markets opened lower as investors took a cautious approach given the continued tensions surrounding North Korea.

Gasoline prices fell Tuesday on news refineries were starting to come back online in Texas in the aftermath of Hurricane Harvey.

Technology companies also fell sharply.

North Korea on Sunday conducted its sixth nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile, marking a dramatic escalation of the regime's stand-off with the United States and its allies.

The bright spot Tuesday was oil and gas names thanks to a big jump in oil prices. The yield on the 10-year Treasury note fell to 2.06 percent from 2.17 percent late Friday.

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The 28-year-old Brazil-born Spain worldwide , who signed for £32million from Atletico in July 2014, was hoping for a return to the Spanish capital.

Weakness in bank stocks, which were slammed by concerns about net interest margin pressures related to the flattening yield curve, plus the selloff in insurers, weighed heavily on the financial sector (-2.2%), which was the day's worst performer. The Russell 2000 index of smaller-company stocks fell 13.92 points, or 1 percent, to 1,399.66.

Investors' nerves on Tuesday also may have been heightened by news of a powerful storm heading to the southern United States closely on the heels of devastation in Texas from Hurricane Harvey. Nasdaq 100 e-minis were down 12.5 points, or 0.21 percent, in volume of 52,901 contracts.

The Dow Jones industrial average gave up 234 points, or 1.1 percent, to 21,753.

"The North Korean nuclear crisis returned to the forefront of investors' minds this Wednesday, with yesterday's Dow Jones [Industrial Average] plunge and a jittery Asian session overnight leading the European indices into the red", said Connor Campbell, financial analyst at Spreadex. The dollar was last set for its biggest daily drop against the yen since mid-May.

In merger news, Aerospace supplier United Technologies Corp has struck a $30 billion agreement to buy avionics and interiors maker Rockwell Collins Inc, the companies said on Monday.

Other reports by TheDailyFarc

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