Tech companies leads broad slide in U.S. stocks; oil slumps

A man watches a television screen showing U.S. President Donald Trump left and North Korean leader Kim Jong Un during a news program at the Seoul Train Station on Thursday

A man watches a television screen showing U.S. President Donald Trump, left, and North Korean leader Kim Jong Un during a news program at the Seoul Train Station on Thursday.

The Nasdaq Composite was down 37.30 points, or 0.59 percent, at 6,315.03. Eastern time. The Dow Jones industrial average slid 125 points, or 0.6 percent, to 21,923.

"Given the great run we've had, seems like some sort of pullback wouldn't be surprising", said Michael Baele, managing director of investments at U.S. Bank Private Wealth Management.

For the week, the Dow is on track to fall 0.9%, its biggest one-week drop since April.

USA stocks indexes were higher in afternoon trading on Friday, on track to snap a three-day losing streak, as tepid inflation data brought back investors to riskier assets, despite heightened tensions between the United States and North Korea.

The latest United States economic data cemented expectations that inflation will remain subdued amid a robust labour market.

Read:Few investors are excited about stocks. The S&P is looking at a decline of 1.3%, its worst week since March.

On average, the S&P 500 falls 5% or more every 10 weeks and the index falls 10% every 33 weeks, according to data analyzed by AllianceBernstein going back to 1928.

The Vix, a measure of how much volatility investors expect in stocks, jumped 34.8 per cent, the biggest increase since May. Both the Nasdaq and the Russell are set for their third straight weekly decline.


Wall Street's so-called "fear gauge", the CBOE Volatility Index, hit the highest levels since Election Day on Friday (http://www.marketwatch.com/story/wall-streets-fear-gauge-on-course-for-biggest-weekly-surge-in-2-years-2017-08-11), after a spike on Thursday but was retreating in recent trade.

In other news, USA wholesale inflation dropped in July, the first contraction in almost a year and another data point that could weaken the case for the Federal Reserve to raise the benchmark interest rate again later this year.

However, New York Fed President William Dudley said on Thursday he expected inflation to rise and suggested that the central bank was on track to raise rates once more this year.

Outside the political arena, declines in a pair of technology stocks added to the cautious tone on the day.

Nvidia Corp.(NVDA) shares fell 5.5%, even after the chip maker posted upbeat earnings late Thursday.

Following the sell-off seen in the previous session, stocks are regaining some ground during trading on Friday.

TECH SLIDE: Losses among technology stocks led the market slide.

JC Penney slumped 16.56% to a record low after the retailer reported a bigger-than-expected quarterly loss. Brent crude, used to price worldwide oils, added 26 cents to $52.96.

Uncertainty over North Korea also reverberated in the foreign exchange market, where safe-haven currencies such as the Japanese yen and Swiss franc rallied.

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