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North Korea has been at the top of the stock market's wall of worry all summer, and it could be a main focus Tuesday after that sailed across Japan before breaking apart over the Pacific Ocean.
Stock futures fell sharply Monday evening, with Dow futures down more than 100 points.
"The North Korea challenge has really been the only thing that investors have reacted to. I don't know how we're going to respond, but clearly [North Korean leader] Kim Jong Un wants some attention," said Jack Ablin, chief investment officer at BMO Private Bank. He said there had been nervousness in Asian markets Monday.
Stock traders were spooked earlier this month after reports that North Korea could produce a nuclear weapon to fit in its missiles, and President Donald Trump said Pyongyang's threats would be met with
Some analysts have been expecting with the approach of September, historically the weakest month of the year. Stocks recently from the fact that after developing a framework for legislation with Trump administration officials this summer.
"I would say longer term it's probably more of a buy-the-dips strategy. I think just about everybody in Trump's camp says military [action] is not an option," said Ablin, adding it may be that the U.S. again seeks
, with the and her but the down five points at 21,808. Refining stocks were higher after Harvey, which smashed into Texas as a Category 4 hurricane Friday night, forced the shutdown of refineries, pushing margins wider for producers of gasoline.
The storm has brought an unprecedented amount of rain and flooding to Houston, the fourth largest U.S. city. Traders are watching to see if there is any serious damage done to refineries, which shut down as a preventative measure, taking more than 2 million barrels of refining capacity off line.
", absolutely, but a longer-term recovery. This is part of the infrastructure rebuilding," Ablin said. "These things tend to stimulate. I think the Fed is discussing the storm, recognizing there could be a near-term slowing."
At 9 a.m. ET Tuesday, S&P/Case-Shiller will release home price data. August consumer confidence data are expected at 10 a.m.