US markets fell sharply as US, North Korea tension rise

11 Aug 2017 Evaluate

The US markets fell sharply on Thursday, with all the indexes tumbling for a third straight session for the first time since mid-April, amid a persistent war of words between the US and North Korea. Thursday also marked the worst one-day percentage drop for all three benchmarks since May 17. Geopolitical tension gained momentum after a North Korean army commander said, sound dialogue isn’t possible with President Donald Trump and only absolute force can work on him. North Korea also laid out detailed plans of how it would launch a missile strike on US military bases in Guam.

On the economy front, the federal government’s budget deficit fell sharply in July, but the shortfall is up 11% for the fiscal year to date. In July the government ran a deficit of $43 billion, down from $113 billion in the same month a year ago. But the Treasury said the monthly deficit would have been larger if not for timing factors, including the payments of certain benefits in June instead of July, since July 1 fell on a Saturday. For the fiscal year through July, the deficit is $566 billion. That compares to a shortfall of $512 billion in the same period a year ago. The government’s budget year runs from October through September. In July, total receipts were up 10% while spending dropped 15%. For the year to date, all receipts are up 2%, led by a 6% increase in individual withheld and payroll taxes.

Meanwhile, initial claims for US unemployment-insurance benefits inched higher in the latest week but continued to signal a healthy labor market. The number of people who applied for US unemployment-insurance benefits rose by 3,000 to 244,000 in the week that ended August 5. The average of new claims over the past month, which gives a more stable picture of layoff trends, slipped by 1,000 and stood at 241,000. Layoffs nationwide remain extremely low. Applications for unemployment benefits have registered 250,000 or less for the last 10 weeks.

The Dow Jones Industrial Average lost 204.69 points or 0.93 percent to 21,844.01, the Nasdaq dropped 135.46 points or 2.13 percent to 6,216.87, while the S&P 500 edged lower by 35.81 points or 1.45 percent to 2,438.21.

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