US stocks close lower after President Trump's remarks to North Korea

By Saqib Iqbal Ahmed

The MSCI World index .MIWD00000PUS dropped 1.1 percent overnight in its third straight day of declines and its biggest one-day slide since May 17, as U.S. President Donald Trump stepped up his rhetoric against North Korea. But the Nasdaq stopped short of a test of its 50-day moving average, and pared its loss for the day to 0.3%.

The remarks followed a new report asserting that US intelligence has assessed that Pyongyang has successfully produced a nuclear warhead that can fit inside its missiles. Brent crude, used to price worldwide oils, added 26 cents to $52.96.

Stocks going ex-dividend included BT, Royal Dutch Shell, BP, Lloyds, and pharma companies GSK and AstraZeneca, taking around 41 points off the index. The yield on the 10-year Treasury note held steady at 2.26 percent.

Bond prices were little changed. The Shanghai Composite slipped 0.4 percent to 3,261.75.

Losses at the Snapchat parent ballooned to $443 million in the second quarter, a almost fourfold increase from the same period previous year.

The CBOE Volatility Index .VIX , a barometer of expected near-term stock market volatility, closed at its highest since the election. Recent months have seen a strong contraction in U.S. crude stocks, with driving season clearly raising demand and subsequently reducing the overcapacity that has been evident in recent years.

"The slight bias to the upside (in stocks) is a result of the CPI number".

Shares of Snap (SNAP) are also seeing pre-market weakness after the parent of Snapchat reported a wider than expected second quarter loss on revenues that came in below expectations.

US crude fell 0.41 percent to $48.39 per barrel and Brent was last at $51.68, down 0.42 percent on the day.

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But it also said that if the USA and South Korea took a first strike against North Korea, China should intervene. Trump has said he would not allow Pyongyang to develop a nuclear weapon capable of hitting the United States.

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JAPAN MACHINERY DISAPPOINTS: Orders for machinery in June, considered a leading economic indicator, were slower than analysts had forecast and at their weakest since May 2016.

U.S. job openings jumped to a record high in June, outpacing hiring, the latest indication that companies are having trouble finding qualified workers.

Gold rose 0.6 percent to $1,268 an ounce.

Nvidia's quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 8.6 percent. Heating oil fell 1 cent to $1.63 a gallon. Copper rose 4 cents to $2.94 a pound. Altice USA, the subsidiary of the French company, added 0.1 per cent. USA gold futures GCcv1 gained 0.09 percent to $1,265.80 an ounce. The mood then hit Europe, where Frankfurt's DAX dropped 1.1% and the CAC-40 in Paris fell 1.4%.

Disappointing earnings also helped pull the market lower Wednesday.

Japan's benchmark Nikkei 225 inched down less than 0.1 percent to finish at 19,729.74.

Stocks ended more than one percent down in Seoul while the won slumped to a three-week low against the dollar as the U.S. president and South Korea's volatile neighbour dramatically ramped up their war of words.

The pan-European FTSEurofirst 300 index lost 1.06 percent and MSCI's gauge of stocks across the globe shed 0.17 percent.

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