U.S. stock indexes showed modest losses in afternoon trading Friday despite a 0.7% drop in South Korea's KOSPI index in reaction to North Korea's latest bellicose threats.
The Dow Jones industrial average eased 0.3%, while the Nasdaq composite and S&P lost 0.1%. The small-cap Russell 2000 outperformed with a 0.4% gain.
X Volume in the stock market today was running lower on both major exchanges compared with the same time Thursday.
South Korea's index fell for the fourth straight session, but the selling wasn't all linked to its northern neighbor. South Korean steel stocks skidded on news that the U.S. will slap heavy tariffs onto South Korean steel products.
POSCO (PKX), a South Korean steel maker that trades on the NYSE, dropped 2% in heavy volume for the second consecutive session. Posco hit a high Sept. 1 but has since pulled back 12%.
Meanwhile, blue chips in the 30-component Dow Jones industrial average were mixed, with decliners having a slight edge over advancers. Cisco Systems (CSCO) posted the biggest gain, up 1.8%. Cisco is working on a shallow cup base with a possible buy point at 34.70. The problem with Cisco is best seen on the monthly chart. The stock hasn't touched 35 a share since 2001.
Small cap winners midday Friday included Argentina-based bank Grupo Supervielle (SUPV), up 4% in below-average volume as it posted a new high; motor home maker Winnebago Industries (WGO), up 1.5% as it scored a new high in heavy volume; chip equipment maker Ultra Clean Holdings (UCTT), up 2% as it climbed above a 5% buy zone in moderately higher volume; and Warrior Met Coal (HCC), which bounced off its 50-day line while gaining 4.5% in heavy volume.
Warrior's action created a secondary buy zone since it was the stock's first trip to the 50-day line since a mid-July breakout.
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