Wall St stops stocks' bleeding, for now; gold, yen tick up

Wall St stops stocks' bleeding, for now; gold, yen tick up

Travel and media companies led USA stocks lower in afternoon trading Wednesday as some rare earnings disappointments weighed on the market.

The Vix, a measure of how much volatility investors expect in stocks, jumped to its highest level since May after North Korea indicated a plan to launch ballistic missiles toward a major US military hub in the Pacific. In 3.08pm trading, the Standard & Poor's 500 Index fell 1 percent. The Nasdaq added 39.68 points, or 0.6 percent, to 6,256.56.

Apple (AAPL.O) pared gains after rising as much as 1.91 percent to an all-time high and provided the biggest boost to all three indexes, while healthcare stocks such as Johnson & Johnson (JNJ.N) were the biggest weight on the S&P.

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, was up as much as 12.63 points, its highest in more than a month.

Safe-haven assets are trading higher, as gold +0.9% at $1,290.50/oz., marking its best level in two months, while the benchmark 10-year Treasury yield has slipped 2 bps to 2.23%.

Shares of Michael Kors (KORS.N) jumped 22.3 percent, helping to boost the consumer discretionary index.SPLRCD, after the luxury goods maker raised its full-year revenue forecast.

The Dow Jones industrial average lost 50 points, or 0.2 percent, to 22,032.

Second-quarter earnings have been stronger than expected with analysts now expecting S&P 500 earnings to have expanded 11.8 percent, up from 8 percent at the start of July, according to Thomson Reuters I/B/E/S.

Victoria Beckham and her family visit 'Modern Family' set
So I just stuck with it". "The role of Victoria Beckham is being played by [Jesse Tyler Ferguson]", he wrote on Instagram. THE BECKHAMS became super-fans for a day when they visited the California set of TV hit Modern Family .

The price of gold rose 1% to 1,274.39 U.S. dollars per ounce, with Fresnillo and Randgold Resources up 72p to 1,544p and 200p to 7,380p respectively.

Investors also drew some encouragement from new government data showing US inflation at the consumer level inched higher last month.

National indexes: France's CAC 40 index fell 0.7% to 5,077.97, and in London, the FTSE 100 flopped down 0.9% (http://www.marketwatch.com/story/ftse-100-heads-for-1-month-low-as-trump-ups-the-ante-in-north-korea-standoff-2017-08-11) to 7,326.09.

Wilmar International slipped 6.4 per cent or 22 cents to $3.20; Hongkong Land lost 2.1 per cent or 16 USA cents to US$7.34.

However, U.S. stocks recovered temporarily late on Wednesday as investors appeared to brush off the geopolitical concerns following encouraging comments from Secretary of State Rex Tillerson.

Markets were also lower in Europe and Asia.

US crude fell 0.41 percent to $48.39 per barrel and Brent was last at $51.68, down 0.42 percent on the day. 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.

On the currency markets, the pound was marginally higher against the USA dollar at 1.30 and up 0.1% versus the euro at 1.11.

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