Stocks open lower; Macy's and Blue Apron drop

US stocks close slightly lower, trimming earlier losses

Travel and media companies led USA stocks lower in afternoon trading Wednesday as some rare earnings disappointments weighed on the market. The Dow is down 98.98 points or 0.5 percent at 21,949.72, the Nasdaq is down 65.83 points or 1 percent at 6,286.50 and the S&P 500 is down 16.77 points or 0.7 percent at 2,457.25.

"It's wonderful when you consider the headlines just how calm the equity markets are, how they've taken things in their stride", said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

Trump was responding to North Korea's claim it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific territory of Guam.

U.S. President Donald Trump, in his latest warning to North Korea, said military solutions were "fully in place" and referred to American weapons as being "locked and loaded" should the nuclear-armed nation act "unwisely".

Most large-cap stocks were mixed across the board.

The broad-based Stoxx Europe 600 stock index dropped 0.5 percent in early trading, with key indices, such as Britain's FTSE 100, Germany's DAX and France's CAC all down 0.5 percent or more.

Meanwhile, market bellwether Samsung Electronics Co. backtracked 0.65 percent, and top automaker Hyundai Motor was down 0.34 percent.

On the currency markets, sterling rose 0.2% to flit around the 1.30 United States dollar mark, with the greenback falling in response to the latest USA inflation data.


Safe-haven assets gained following the rising geopolitical tensions.

Major stock indexes overseas also racked up losses Thursday.

Valeant's stock, which rallied a day before following quarterly results, sank 9.6 percent to C$17.85 after it said its subsidiaries in Australia were the subject of a tax audit. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.1 basis points at 2.220 percent.

"The market has been looking for an excuse to sell off and North Korea and the president gave the market that excuse", said David Schiegoleit, managing director at the U.S. Bank Private Client Wealth Management.

The Dow slumped 204.69 points, or 0.9%, to 21,844.01, while the S&P 500 dropped 1.5% to finish at 2,438.21.

To that end, gold prices shot up to near $1,300 an ounce - their highest level in several months. I would expect the stock market to react negatively. Copper fell 2 cents to $2.93 a pound.

In other energy futures trading, wholesale gasoline was little changed at $1.62 a gallon, heating oil rose 2 cents to $1.65 a gallon and natural gas rose 6 cents to $2.88 per 1,000 cubic feet.

Sterling was also down 0.1% versus the euro at 1.104.

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