Nixed U.S.-N.Korea meeting, trade fears sink global shares

By Laila Kearney

NEW YORK, May 24 (Reuters) – Shares sank worldwide on Thursday as U.S. President Donald Trump canceled a planned June meeting with North Korean leader Kim Jong Un, while tariff fears hit auto stocks and safety buying ramped up.

Trump, in a letter to North Korea released by the White House, called off the June 12 summit, citing “tremendous anger and open hostility” in a recent statement by Pyongyang. The cancellation came even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site.

As investors digested the latest development in the tumultuous U.S.-North Korea relationship, stocks sank, with the blue chip Dow Jones Industrial Average falling 1 percent, before cutting losses by the close of American markets.

On Wall Street, the Dow Jones Industrial Average fell 75.05 points, or 0.3 percent, to 24,811.76, the S&P 500 lost 5.53 points, or 0.20 percent, to 2,727.76 and the Nasdaq Composite dropped 1.53 points, or 0.02 percent, to 7,424.43.

MSCI’s gauge of stocks across the globe shed 0.19 percent, while the pan-European FTSEurofirst 300 index lost 0.63 percent.

Meanwhile, some investors took Trump’s message with a grain of salt.

“The cancellation generated a knee-jerk risk-off response,” John Canavan, market strategist at Stone & McCarthy Research Associates in New York. “The longer-term impact should be modest.”

AUTOS

Markets had plenty more to digest, including minutes from the latest Fed and European Central Bank meetings, but in Asian and European trading, it was U.S. plans to investigate auto imports that caused the biggest moves.

“We are at the mercy of the (Trump) administration, not just on North Korea but on trade with the

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Gold soars, major indices fall after U.S., North Korea talks cancelled

TORONTO — The price of gold soared and major stock indices dipped after United States President Donald Trump said he is cancelling a planned meeting with North Korean leader Kim Jong Un.

The S&P/TSX composite index fell 20.18 points to 16,113.62.

In New York, the Dow Jones industrial average retreated 75.05 points to 24,811.76. The S&P 500 index lost 5.53 points to 2,727.76 and the Nasdaq composite index declined by 1.53 points to 7,424.43.

The Canadian dollar averaged 77.57 cents US, down 0.09 of a U.S. cent.

The July crude contract retreated US$1.13 to US$70.71 per barrel and the July natural gas contract advanced about two cents to US$2.97 per mmBTU.

The June gold contract soared US$14.80 to US$1,304.40 an ounce and the July copper contract gained about three cents to roughly US$3.10 a pound.

The Canadian Press

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Markets Right Now: US stock indexes finish mostly lower

The latest on developments in financial markets (all times local):

4 p.m.

U.S. stocks are finishing mostly lower as energy companies skidded along with oil prices.

The market dropped Thursday after President Donald Trump said he canceled a meeting with North Korean leader Kim Jong Un, but recovered most of those losses.

Crude oil prices and energy companies fell as investors reacted to reports the nations of OPEC may start producing more oil. Exxon Mobil fell 2.3 percent.

Car companies fell as the Trump administration considered tariffs on imported cars. Toyota lost 1.8 percent.

The S&P 500 index fell 5 points, or 0.2 percent, to 2,727.

The Dow Jones industrial average lost 75 points, or 0.3 percent, to 24,811. The Nasdaq composite slipped 1 point to 7,424.

Bond prices rose. The yield on the 10-year Treasury fell to 2.97 percent.

___

11:45 a.m.

Stocks are skidding after President Donald Trump canceled a meeting with North Korean leader Kim Jong Un.

Energy companies are falling along with oil prices as investors respond to reports the nations of OPEC may start producing more oil. Exxon Mobil lost 2.3 percent.

Car companies fell as the Trump administration considered tariffs on imported cars. Toyota lost 1.8 percent.

Best Buy fell 5.5 percent after issuing a weak outlook. Williams-Sonoma jumped 10.5 percent after raising its forecasts.

The S&P 500 index fell 12 points, or 0.5 percent, to 2,720.

The Dow Jones industrial average lost 169 points, or 0.7 percent, to 24,714. The Nasdaq composite lost 30 points, or 0.4 percent, to 7,395.

Bond prices rose. The yield on the 10-year Treasury fell to 2.97 percent.

___

9:35 a.m.

Stocks are opening on a weak note as falling oil prices pull energy companies lower.

Banks are also falling in early trading Thursday as interest rates decline.

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Cancellation of Korea summit sends stocks on bumpy ride

U.S. stocks finished mostly lower Thursday as energy companies skidded along with oil prices. The market dropped after President Donald Trump said he canceled a meeting with North Korean leader Kim Jong Un, but recovered most of those losses.

Crude oil futures and energy companies fell as investors reacted to reports that OPEC nations may start producing more oil. Banks fell as interest rates edged lower, and car companies including Fiat Chrysler and Toyota dropped as the Trump administration considered tariffs on imported cars and car parts, a move that was criticized by the governments of China, Japan and the European Union.

The Dow Jones industrial average fell as much as 280 points in the morning, more than 1 percent, after Trump said the June meeting with Kim was off. In a letter, Trump said he was canceling the summit because of “tremendous anger and open hostility” in a recent statement by a North Korean official. Technology companies, which have led the market in recent years, took some of the biggest losses and defense contractors climbed.

The market gradually recovered those losses, and Trump later told reporters that the meeting could still happen in June or later on. Stocks finished only slightly lower than where they were before Trump’s initial announcement.

Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance, said investors were troubled at first by Trump and Kim’s statements about a possible nuclear war, but they’ve gotten used to it, which means the market doesn’t react as much to their statements.

“The first time the market hears these threats there’s a large reaction and after that there’s less reaction,” he said. “It’s just rhetoric right now and there’s no actual military conflict, (so) these moves are kind of short-lived.”

The S&P 500 index dropped 5.53 points, or

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US STOCKS SNAPSHOT-Wall St edges lower after N.Korea summit canceled

NEW YORK, May 24 (Reuters) – U.S. stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea’s Kim Jong Un and ordered a probe of auto imports, while gains in Netflix pushed its market value to a record.

The Dow Jones Industrial Average fell 75.05 points, or 0.3 percent, to 24,811.76, the S&P 500 lost 5.53 points, or 0.20 percent, to 2,727.76 and the Nasdaq Composite dropped 1.53 points, or 0.02 percent, to 7,424.43. (Reporting by Caroline Valetkevitch, editing by G Crosse)

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Wall St. edges lower after North Korea summit canceled

NEW YORK (Reuters) – U.S. stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea’s Kim Jong Un and threatened to impose tariffs on auto imports, though losses were limited by gains in Netflix and General Electric.

Trump’s order on Wednesday for an investigation into whether vehicle and auto part imports had damaged the U.S. auto industry could further complicate trade negotiations with China and other trading partners.

Early Thursday, Trump canceled the June 12 meeting citing Pyongyang’s “open hostility,” even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site.

But stocks recouped much of the day’s losses by the end of the session, and market participants said the sharp drop after the summit was canceled was a knee-jerk reaction.

“People were genuinely pleased that it was going to happen,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

“And I still wouldn’t be surprised to see a reversal of this reversal sometime in the next few weeks as each side sits down and thinks about what’s really in its best interest.”

A decline in energy shares following lower oil prices also weighed on the market, with the S&P energy index .SPNY ending down 1.7 percent. On the flip side, General Electric (GE.N) rose 3 percent, rebounding from the previous session’s losses, and Netflix’s (NFLX.O) stock gained 1.3 percent, both helping the market.

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 21, 2018. REUTERS/Brendan McDermid

Netflix’s stock market value ballooned to a record $153 billion and eclipsed Walt Disney Co (DIS.N) for the first time, making it the world’s most valuable entertainment company.

The Dow Jones Industrial Average .DJI fell 75.05 points, or

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U.S. stocks close lower, energy the day's biggest decliner

U.S. stocks closed modestly lower on Thursday, with energy stocks leading the decline as crude-oil prices fell. The Dow Jones Industrial Average DJIA, -0.30% fell 0.3% to 24,811. The S&P 500 SPX, -0.20% slid 0.2% to 2,728. The Nasdaq Composite Index COMP, -0.02% fell less than 0.1% to 7,424. By far, the weakest sector of the day was energy, which fell 1.7% alongside a 1.6% drop in the price of crude oil. Exxon Mobil Corp. XOM, -2.29% fell 2.3% while Chevron Corp. CVX, -1.62% was off 1.7%. Both stocks are Dow components. Sentiment weakened after President Donald Trump canceled a planned meeting with North Korea, adding a new element of geopolitical uncertainty into the market. Major indexes ended off their lows of the session, but trading was largely driven by the news of the cancelled summit, which added another question mark to a market already grappling with uncertainty related to trade policy and the Middle East.

Read the full story: Stocks book a loss as Trump cancels North Korea summit, energy shares sell off

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US STOCKS-Dow, S&P 500 edge down after Trump cancels…

By Caroline Valetkevitch

NEW YORK, May 24 (Reuters) – U.S. stocks mostly eased on Thursday after President Donald Trump canceled a planned summit with North Korea’s Kim Jong Un and ordered a probe of auto imports, while gains in Netflix pushed its market value to a record.

The auto probe, ordered on Wednesday, added to worries of another potential trade conflict when tensions with China simmered.

Early Thursday, Trump canceled the June 12 meeting citing Pyongyang’s “open hostility,” even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site.

Market participants said the sharp drop after the summit was canceled was a knee-jerk reaction.

“People were genuinely pleased that it was going to happen,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

“And I still wouldn’t be surprised to see a reversal of this reversal sometime in the next few weeks as each side sits down and thinks about what’s really in its best interest.”

A decline in energy shares following lower oil prices also weighed on the market, though some of the weakness was offset by Netflix. The S&P energy index was down 1.7 percent.

Netflix’s stock market value ballooned to a record $153 billion and eclipsed Walt Disney Co for the first time, making it the world’s most valuable entertainment company. Netflix shares were up 1.9 percent, helping the Nasdaq and S&P 500.

At 3:34 p.m. (1934 GMT), the Dow Jones Industrial Average fell 54.63 points, or 0.22 percent, to 24,832.18, the S&P 500 lost 3.96 points, or 0.14 percent, to 2,729.33 and the Nasdaq Composite added 7.53 points, or 0.1 percent, to 7,433.48.

Earlier in

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Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date May 15, 2018

… For more information on Nasdaq Short interest positions, … 47;short_interest.asp. About Nasdaq: Nasdaq (Nasdaq:NDAQ) is a leading … diverse portfolio of solutions, Nasdaq enables customers to plan … 39;s first electronic stock market, its technology powers more …

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