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S&P drops in flight to safety

Thursday, August 10, 2017 - 01:23

The S&P 500 index had its biggest one-day drop in nearly three months as investors fled riskier assets for safe-haven plays. Fred Katayama reports.

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Escalating tension between the U.S. and North Korea unnerved investors, sending Wall Street sharply lower and gold and the Japanese yen higher Thursday. RegentAtlantic chief investment officer Chris Cordero: SOUNDBITE: CHRIS CORDERO, CHIEF INVESTMENT OFFICER, REGENTATLANTIC, (ENGLISH) SAYING: "It's just a little bit of jitters about that. And it seems that the markets had a great run up and individual clients I'm talking to are looking for a potential decline here. So I think it's just a little bit of jitters, but unfounded jitters." Snap shares dropped after hours. The owner of Snapchat reported a lower-than-expected number of daily active users in the latest quarter. Shares of Kohl's and Macy's dropped. Both department store operators reported a fall in quarterly sales. Blue Apron shares sank to a record low. In its first report since going public, the meal-kit delivery service's loss was wider than Wall Street expected. Twenty-First Century Fox's shares rose after the media company's profit fell but edged past analyst's estimates. Reuters has learned Amazon seeks to partner with venue owners to sell event tickets. That could loosen Ticketmaster's grip on the business. In economic news, producer prices in July recorded their biggest drop in nearly a year. A drop in materials and financial stocks sent European markets sharply lower Thursday.

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S&P drops in flight to safety

Thursday, August 10, 2017 - 01:23