1. Markets rattled by North Korea: Global stock markets dropped Tuesday after North Korea fired a missile over Japan. The closely watched VIX volatility index spiked by 24% and U.S. stock futures were off by between 0.6% and 1%.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -124.00 | | -53.25 | | -17.45 | | -0.57% | | -0.91% | | -0.71% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -87.35 | | +2.57 | | -91.18 | | 19,362.55 | | 3,365.23 | | 7,310.28 | | -0.45% | | +0.08% | | -1.23% | | | |
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| Key Stats | Latest | Today's Change | | | Oil | $46.64 | +0.07 / +0.15% | | | Gold | $1,325.70 | +10.40 / +0.79% | | | 10-yr | 2.16% | -0.01 / -0.46% | | | Euro | $1.20 | +0.01 / +0.61% | | | |
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| News: What you need to know about the markets | | | | | | | North Korea missile; Harvey chaos; Markets suffer | By Ivana Kottasová
Tuesday, August 29th, 6:04am | | | | 1. Markets rattled by North Korea: Global stock markets dropped Tuesday after North Korea fired a missile over Japan. | | | | The closely watched VIX volatility index spiked by 24% and U.S. stock futures were off by between 0.6% and 1%. | | | | In Asia, South Korea's benchmark Kospi index closed 0.2% lower, after falling as much as 1% in morning trading. Japan's Nikkei sank 0.5%. | | | | Markets in Europe opened sharply lower. Stocks in London and Paris slumped 1.4% while Frankfurt's DAX shed 1.7%. | | | | Investors flocked to perceived safe havens. Gold added 1.2%, while the Japanese yen and Swiss franc gained over 0.8% against the dollar. | | | | 2. Harvey chaos: Harvey caused more havoc in Texas overnight, with forecasters saying a reprieve won't arrive until week's end at the earliest. | | | | An ExxonMobil oil refinery near Houston was damaged by the remnants of the hurricane, and the company warned chemicals could be released. | | | | Still, the scale of damage Harvey will bring is far from clear. | | | | AIR Worldwide, a risk modeling company, estimated Monday that insured losses from just the winds and storm surge could reach more than $2.3 billion. An earlier estimate from the analytics firm CoreLogic showed that Harvey could cause as much as $40 billion total in damage. | | | | America's Corporate giants are making big contributions to disaster relief organizations to help victims the storm. | | | | 3. Monday market recap: The Dow Jones industrial average closed flat on Monday, while the S&P 500 added 0.1% and the Nasdaq gained 0.3%. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 4. Earnings and economics: Best Buy is set to report earnings before the open on Tuesday. The retailer's stock is up 46% this year despite intense competition from Amazon. Sales for the quarter are expected to clock in at $8.7 billion. | | | | A report on U.S. consumer confidence will be released at 10 a.m. ET. | | | | In Germany, consumers are feeling great ahead of next month's general election. Forecasts published Tuesday by market research company GfK showed consumer climate is set to reach a 16-year high in September. | | | | Data showed the French economy grew 0.5% over the previous quarter in the three months ended June. That's in line with expectations. | | | | Download CNN MoneyStream for up-to-the-minute market data and news | | | | | | | |
| | | | | | Tuesday -- Best Buy earnings; U.S. consumer confidence report; French GDP data; Infosys investors call
Wednesday -- Second quarter U.S. GDP report (second estimate); Barnes & Noble earnings; U.S. crude inventories report
Thursday -- Campbell Soup, lululemon athletica earnings; Personal income & spending report; Chinese manufacturing PMI; Eurozone unemployment and inflation reports; Canada GDP data; BRICS summit in China begins; India GDP; IFA electronics show
Friday -- Jobs report; NAFTA talks; The University of Michigan sentiment report | | | | | | | |
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