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Wall Street tumbles on Spain terror, Trump policy worries
19 August 2017, 07:21 | Vickie Mathis
USA equity markets appeared poised for a broadly weaker open, futures for the S&P 500 and Dow Jones indexes showed, though futures on the Nasdaq tech benchmark were up 0.13 percent.
Bargain hunting may contribute to early strength on Wall Street following the sell-off seen on Thursday, with some traders picking up stocks at relatively reduced levels.
U.S stocks hit session lows in early afternoon trading on Thursday as investors anxious about President Donald Trump's ability to pursue his pro-growth policies.
Europe's main stock markets slid at the start of trading on Friday with Spanish IBEX 35 starting around 1.3 per cent lower, followed by Frankfurt and Paris at 0.8 per cent each.
Reports that Gary Cohn is considering resigning as Trump's top economic advisor weighed on Wall Street, although the White House has denied the claims.
The fear now is that Trump will continue to stoke divisions, and that the distraction will drown out efforts to win public support for tax reform.
Morrison is the seventh person to resign from two major advisory panels this week following Trump's comments. Meanwhile, the terror news was a reminder that geopolitical risks remain a threat, with nerves still raw after last week's escalation of tensions on the Korean peninsula.
Adviser Ivanka Trump, who converted to Judaism, tweeted on Sunday that "there should be no place in society for racism, white supremacy and neo-nazis" - groups her father did not call out until Monday.
While Bannon's ouster is not directly connected to tax reform, some investors say it may indirectly help.
"Americans deserve to know that white nationalists, white supremacists, and neo-Nazis are not in a position to influence USA policy", said the letter dated Monday.
"This is the first time where we have a political event that directly impacts the economy". "As long as the fundamentals are steady, the market will recover".
In the Eurozone, news from the European Central Bank's latest meeting minutes resulted in a Euro sell off when it became clear that the governing council is concerned about repricing the Euro and a possible overshoot. Miners also succumbed to selling pressure, with Forescue Metals Group and BHP Billiton losing 1-2 percent, as base metal prices edged down from multi-year highs.
Canada's overall annual inflation rate rose to 1.2 percent from June's 20-month low of 1.0 percent, matching analysts' expectations.
Moreover, " when, in August, the market share in one direction, it is complicated to stop it, because the low volume of trade tends to exaggerate the trends", he added. With the steep drop, the index fell to a five-month closing low.
Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favored advancers.
Gold futures rose 0.7 per cent to $1,294.8 an ounce.
At 13:04 p.m. ET (1704 GMT), the Dow Jones Industrial Average was down 177.97 points, or 0.81 percent, at 21,846.9 and the S&P 500 was down 25.38 points, or 1.03 percent, at 2,442.73.
Contracts on the Euro Stoxx 50 declined 0.7 per cent.
UK's benchmark FTSE 100 closed up by 1.7 percent, the pan-European FTSEurofirst 300 ended the day down by 0.73 percent, Germany's Dax ended down by 0.2 percent, France's CAC finished the day down by 0.6 percent.
The report said industrial production edged up by 0.2 percent in July after climbing by 0.4 percent in June.
The Bloomberg Dollar Spot Index was down less than 0.1 per cent.
Spot gold touched its highest since November 9 at $1,300.80 per ounce, and was up 0.03 percent at $1,287.95 an ounce by 3:20 p.m. EDT (1920 GMT).U.S. gold futures for December delivery settled at $1,291.60.
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TODAY'S FORECAST: Mostly cloudy, chance of rain
The National Weather Service in Pueblo predicted highs of 84 degrees Saturday , 74 degrees Sunday and 67 degrees Monday . Winds will be out of the south at 5-10 miles per hour and there will be a 10 percent chance of showers through the day.
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