Tech Stocks Slide on Wall Street Tensions Escalate With US and North Korea

The stock sector had its worst day since August 17, with the S&P technology stocks falling 1.37 percent on Monday. Tensions escalated between the US and North Korea after North Korea foreign minister said that Pyongyang reserves the right to take countermeasures and that Donald Trump has declared war on them. Sarah Huckabee Sanders, White House press secretary responded saying that the suggestion is ‘absurd’, they have not declared war on North Korea.

The S&P 500 slid 5.56 points to 2,496.66.

Tech Giants Shares Weigh on the Three Major Indexes

• Apple shares were down 0.88 percent after falling 5 percent last week following the launch of the iPhone 8 on Friday
• Facebook shares fell 4.5 percent
• Amazon.com slid 1.6 percent
• Netflix fell 4.7 percent

The Dow Jones industrial average fell 53.50 points or 0.24 percent at 22,296.09 with the greatest negative impact on the index from Visa, Boeing, McDonald’s and Apple.

The Nasdaq Composite slid 62.65 points or 0.97 percent at 6,364.28.

US crude oil futures gained 3.1 percent at $52.22, Brent crude oil also hit highs.

Gold gained with gold futures for December delivery up $14 at $1,311.50 an ounce.

Amongst the biggest gainers in Energy stocks was Noble and Diamond Offshore Drilling.
The euro was lower against the US dollar, trading at $1.1849.

Focus on Fed

Investors are now focusing on Fed Chair Janet Yellen speech on Friday and any clues as to their monetary policies. Downbeat sentiment was heightened by expectations of another interest rate hike this year.

On the NYSE advancing issues outnumbered decliners by 1.404 to 1,342.

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