Markets

U.S. stocks recede as Trump's policy agenda at risk of crumbling

U.S. stocks recede as Trump's policy agenda at risk of crumbling”

The major USA index futures are pointing to a modestly higher opening on Friday, with stocks poised to regain some ground after ending the previous session substantially lower. Stocks are now lower than in 2016.

The Dow Jones Industrial Average was down 59.24 points, or 0.27 per cent, at 21,691.49 and the S&P 500 was down 4.24 points, or 0.17 per cent, at 2,425.77.

The broad based weakness on Wall Street reflected concerns about ongoing political turmoil in Washington, D.C.

The selling started early in the session on rumors that Gary Cohn, a business advisor to the president, could resign his role as director of the National Economic Council.

Earlier, rumors that Cohn, former president of Goldman Sachs, would leave the White House had dented market sentiment . "Nothing's changed", a White House official said Thursday, according to Reuters. Yesterday, the White House said Cohn intends to remain in his position. Trump has alienated Republican colleagues, corporate leaders and overseas allies this week with several controversial comments after violence related to a white nationalist protest in Virginia last weekend.

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The number of Americans filing for unemployment dropped by 12,000 in the past week, with total new claims at 232,000. The Japanese yen strengthened 0.10 percent versus the greenback at 109.30 per dollar.

The MSCI Asia Pacific Index lost 0.5 per cent, paring gains for the week.

Canadian financial stocks were the five biggest contributors to the index's decline.

U.S. West Texas Intermediate and internationally-favored Brent crude oil rose on Thursday as investors focused on U.S. crude oil stockpiles after the U.S. Energy Information Administration (EIA) suggested oil inventories at the Cushing, Oklahoma hub were declining.

Gold was nearly flat at $1,287.67 an ounce.

South Korean leader demands peace in region
Dunford believes that a conflict on the Korean Peninsula would be awful , but that does not mean there are not military options. The world is uniting against the North Korean threat, and even China - North Korea's only ally - voted for the resolution.

On the currency front, the US dollar is trading at 109.03 yen compared to the 109.57 yen it fetched at the close of NY trading on Thursday.

The euro was up 0.1 per cent to US$1.1737.

United States stocks plunged last night on receding expectations President Donald Trump would be able to push through his policy agenda of tax cuts and increased infrastructure spend. Oil prices rose as the stock market strengthened and the US dollar weakened, though investors remained anxious about the global oil glut.

This was a day after minutes released from the Federal Reserve showed some policymakers cautioning against rate increases while USA inflation remained weak. Trump, for example, has in the past mocked Republicans for raising the debt ceiling, but many Wall Street executives say failing to do so could lead to a stock market crash and a recession.

The broad-based S&P 500 fell 1.5 percent, and all 11 sectors of the index retreated, with financials and technology among the hardest hit. Gold and tin were among the best-performing metals, and zinc traded near a 10-year high.

Defense Secretary, Schwarzenegger say U.S. ready to respond
In response, North Korea announced it was developing plans for a missile strike against Guam. He's the fourth in line to the presidency.



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