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Stocks Remain Firmly Negative In Mid-Day Trading

Stocks Remain Firmly Negative In Mid-Day Trading

Semiconductor, computer hardware, oil service, and retail stocks also saw considerable weakness, moving lower along with most of the other major sectors.

The Dow Jones industrial average lost 71 points, or 0.3 percent, to 22,013.

While the French CAC 40 Index fell by 0.6 percent, the German DAX Index slumped by 1.1 percent and the U.K.'s FTSE 100 Index plunged by 1.4 percent. The Nasdaq composite lost 36 points, or 0.6 percent, to 6,315. Secretary of State Rex Tillerson later insisted the US isn't signalling it's about to mete out a military response despite threats from North Korea suggesting it could attack Guam, a USA island territory in the Pacific. The precious metal rose 1.3 percent in the previous session, its biggest gain since mid-May, and touched $1,278.66 an ounce, it highest level since June 14.

Stocks are opening slightly lower on Wall Street after several companies reported disappointing results. Bank of New York Mellon slid 3.9 percent, while Citizens Financial Group shed 3.8 percent. The stock lost $5.07 to $101.91.

Stock markets around the world were under pressure on Wednesday amid increased tensions between the USA and North Korea following comments from President Donald Trump, and big entertainment stocks were among the many decliners.

Heavyweight Apple could have provided some support for trading with a 0.8 percent rise in prices.

Instead, investors headed for safe havens, such as gold, which gained as much as 1.2% - a near two-month high - in Wednesday trading.

"The president also has the power in the Constitution to defend the USA and take all necessary measures if we are threatened, I struggle to understand how there would be a threat so grave that the preemptive response from this administration would be a nuclear bomb".

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 dollar index fell 0.1 per cent, with the euro up 0.01 per cent to US$1.175 (RM5.04).

The US dollar fell to 110.48 yen from 110.72 yen late on Monday.

"Furthermore, the benchmark Treasury yield also climbed away from lows", said Junichi Ishikawa, senior forex strategist at IG Securities in Tokyo.

Currency markets focused on the US producer price index data due later in the session.

In commodities, crude oil stretched gains after rising overnight on data pointing to declining USA inventories.

Nevertheless, APRN is down 12.7% in pre-market trading, headed for a record low.

Brent crude added 0.15 percent to $52.78 a barrel, inching towards a two-month peak of $52.93 set at the start of the month.

USA gold futures for December delivery rose 0.4% to US$1,284.40 per ounce.

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