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US STOCKS-Futures lower as N.Korea missile test reignites concerns
August 29, 2017 / 11:38 AM / 21 days ago

US STOCKS-Futures lower as N.Korea missile test reignites concerns

* Futures lower: Dow 108 pts, S&P 15.75 pts, Nasdaq 49 pts

By Sruthi Shankar

Aug 29 (Reuters) - U.S. stock index futures were sharply lower on Tuesday, with the Dow e-minis down more than 100 points, as investors scampered to safe-haven assets after North Korea fired a ballistic missile over Japan, sparking concerns about fresh tensions between Washington and Pyongyang.

* U.S. President Donald Trump said “all options are on the table” for North Korea.

* The missile, tested early on Tuesday, flew over Japan and landed in the Pacific about 735 miles off the northern region of Hokkaido, a rare occasion when North Korea fired projectiles over mainland Japan.

* The nuclear-armed country then accused the United States of driving it towards “an extreme level of explosion” and declared that it was justified in responding with “tough counter-measures”.

* This month, North Korea threatened to fire four missiles into the sea near the U.S. Pacific territory of Guam after Trump warned that the country would face “fire and fury” if it threatened the United States.

* Gold jumped to its highest since November while the benchmark U.S. 10-year treasury yield dropped to its lowest since the day after the Nov. 8 U.S. presidential election.

* The news also jolted the CBOE Volatility index, which rose 2.4 points to 13.72.

* The S&P and the Dow ended little changed on Monday, with energy and bank shares lower as Tropical Storm Harvey crippled the U.S. energy hub in Texas.

* Oil dipped on Tuesday as the market grappled with the shutdown of some 13 percent of refining capacity after Harvey ripped through the heart of the U.S. oil industry. * Shares of gold companies including Kinross Gold and Harmony Gold were up more than 5 percent in premarket trading as demand for the precious metal ticked up.

* Dow component Nike fell about 2 percent after Morgan Stanley cut price target by $4 to $64.

* Finish Line plunged 26 percent after the sporting goods retailer cut its full-year profit forecast and adopted poison pill.

* Electronics retailer Best Buy rose 5.23 percent after reporting a better-than-expected rise in quarterly sales at established stores.

Futures snapshot at 6:57 a.m. ET (1057 GMT):

* Dow e-minis were down 108 points, or 0.5 percent, with 44,232 contracts changing hands.

* S&P 500 e-minis were down 15.75 points, or 0.64 percent, with 307,542 contracts traded.

* Nasdaq 100 e-minis were down 49 points, or 0.84 percent, on volume of 57,455 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)

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