The U.S – North Korea summit cancellation send jitter to the market

It is a gloomy day for stock market after President Trump canceled the planned meeting with North Korea leader in June. Trump said in a letter to Kim Jong Un, “tremendous anger and open hostility displayed in your most recent statement,” was behind the cancellation. Dow Jones Industrial Averages currently traded down -86.52 points (-0.35%) to 24,800.29, Nasdaq down 3.78 points (-0.05%) to 7,422.17, S&P500 down 6.09 points (-0.22%) to 2,727.2.

Aside from the North Korea news, negative news also comes from trade issue. Wilbur Ross, the commerce secretary, commence an investigation on automobiles & parts imports. The research is to determine if imports are detrimental to national security.

U.S economic data

Unemployment claims record worse number than expected, in the previous week there was 234k benefit claimer vs. 220k expectation.

Annualized existing home sales recorded 5.46 million home sales compared to 5.56 million forecast.

Asian & European Stock market

Asian stock market is significantly lower. Nikkei closed down 252.73 points (-1.11%) to 22,437.01, Shang Hai Composite closed down 14.07 points (-0.44%) to 3,154.89 and Australia ASX 200 up 4.60 points (+0.08%) to 6,037.10. European stock also under pressure. DAX Germany down 0.94%, FTSE UK down 0.92%, and Euro STOXX 600 down 0.52%.