Dow winning streak snapped as stocks drift lower

By Saikat Chatterjee

By Saikat Chatterjee

The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1.5 percent to C$92.88, and Manulife Financial Corp falling 4.7 percent to C$24.43, its largest drop since early August past year.

The remarks, following North Korea's earlier revelation of a plan to launch a salvo of ballistic missiles toward the U.S. Pacific territory of Guam, gave investors a reason to pocket profit in the sectors, such as technology, that have been the biggest gainers in recent months, analysts said.

On Wednesday, North Korea's military said it is considering missile strikes near the US territory of Guam, warning that it is ready to stage an all-out war if Washington launches a preventive war against it.

Investors, who took the North Korea report from Japan in their stride earlier in the day, lost their appetite for risk after Trump's comments to reporters during his vacation at his golf club in New Jersey.

"The market had been complacent for a while regarding headlines from North Korea".

Stocks finally dipped into the red late in the day after Pres. Trump warned that North Korea will be "met with fire and fury like the world has never seen" if it continues to threaten nuclear action against the U.S.

Energy stocks also fell along with the price of crude oil.

"That may have weighed a little bit" on markets, said Phil Guarco, global investment specialist J.P. Morgan Private Bank. Wells Fargo still ended up 0.3 percent at $52.71.

The Nasdaq composite lost 13.31 points, or 0.2 percent, to 6,370.46.

The market indexes wavered between small gains and losses for much of the morning, then veered lower by afternoon.

Benchmark U.S. 10-year notes were last up 15/32 in price to yield 2.2281 percent, from 2.282 percent late on Tuesday.

Macy's (M) slipped more than 10% as the retailer reaffirmed downbeat guidance, but reported second-quarter earnings and revenue that beat expectation ( s. Shares of Kohl's (KSS) tumbled by 5.8% after an earnings beat ( Brent, the worldwide benchmark, was last down 25 cents a barrel at $51.89. The strength in the sector comes as gold for December delivery is jumping $11.30 to $1,290.60 an ounce. It was last up 1 percent at 1.133 per euro.

Economists polled by MarketWatch had expected the government to report that initial claims for regular state unemployment-insurance benefits rose 2,000 to 242,000.

In Asia, markets were mostly lower after disappointing Chinese trade data. The common currency had lost about 0.4 percent overnight after news US job openings surged to a record in June reinforced Friday's robust payrolls data and supported the greenback.

The dollar index fell 0.05 percent, with the euro down 0.03 percent to $1.1746.

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