US stocks higher as N Korea tensions ease slightly

Dhaka,  Sun,  24 September 2017
Published : 14 Aug 2017, 21:12:30

US stocks higher as N Korea tensions ease slightly

US stock index futures were higher on Monday as tensions on the Korean peninsula eased slightly after key U.S. officials played down the risk of an imminent war with North Korea, reports Reuters.

Global stocks lost nearly $1 trillion in value last week after President Donald Trump warned North Korea that it would face "fire and fury" if it threatened the United States, leading to a war of words between Pyongyang and Washington.

However, US officials including National Security Adviser HR McMaster and CIA Director Mike Pompeo played down the risk on Sunday, while South Korea's president said resolving Pyongyang's nuclear ambitions must be done peacefully.

The S&P and the Dow posted their worst weekly decline last week in nearly five months due to the tensions. The three major U.S. stocks indexes still managed to break a three-day losing streak on Friday as the chances of another interest rate hike this year were reduced following a weaker-than-expected July consumer price data.

The Federal Reserve has a 2 per cent inflation target and tracks a measure that has been stuck at 1.5 per cent since May despite the labor market being near full employment.

Oil prices fell as a slowdown in Chinese refining raised concerns about demand in the world's second-biggest consumer, while an increase in U.S. drilling capacity could deepen a global supply glut.

Tesla rose 1.57 per cent after bond investors gave a $1.8 billion boost to the electric car maker's balance sheet by snapping up its first foray into the US junk bond market.

Alibaba was up about 2 per cent after Third Point bought 4.5 million shares in the Chinese e-commerce giant. Futures snapshot at 7:03 a.m. ET (1103 GMT): Dow e-minis were up 98 points, or 0.45 per cent, with 20,434 contracts changing hands.

S&P 500 e-minis were up 14 points, or 0.57 per cent, with 161,970 contracts traded. Nasdaq 100 e-minis were up 33.75 points, or 0.58 per cent, on volume of 28,631 contracts.
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