Simmering tensions with North Korea were also weighing on the market in early trading Thursday. The Russell 2000 index gave up 24.40 points, or 1.7 percent, to 1,372.54. The Dow Jones industrial average slid 0.2 percent to 22,048.70. "So we're not going to get to a year-over-year number of 2-percent until some of these very low readings drop out of the statistics 6 to 10 months from now".
The headlines about North Korea served as a spark to jolt investors out of complacency on the heels of an extended period of calm in the market, said McClellan who shared the following chart in a report.
"The story today is North Korea and there was nothing in the earnings that was bullish enough to pull people away from focusing on North Korea", said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.
Charter Communications rose 2.9 percent on news Altice is exploring a bid for the cable giant. Biotech companies Celgene and Amgen lost 3.8 percent and 2.6 percent, respectively.
The markets may benefit from bargain hunting, as some traders look to pick up stocks at reduced levels following the pullback seen over the past few sessions.
The Dow is up 2,081.41 points, or 10.5 percent.
The common currency had lost about 0.4 percent overnight after news US job openings surged to a record in June reinforced Friday's robust payrolls data and supported the greenback. Macy's was down 8.9 percent after the company said its sales continued to decline in the second quarter.
To that end, gold prices shot up to near $1,300 an ounce - their highest level in several months.
The dollar index .DXY , which measures against a basket of currencies, fell 0.05 percent. It was last up 1.2 percent at 1.1305 per euro.
The euro dipped 0.1 per cent to $1.1733 but the single European currency has been slipping this week against the dollar, having hit a more than 2 1/2-year high of $1.1892 on August 2. Meanwhile, the dollar USDJPY, -0.31% fetched ¥109.69, compared with ¥110.31 late Tuesday.
Scout24 climbed 5.34 percent after the online classifieds company forecast stronger growth in revenues in the second half of 2017.
Benchmark U.S. crude added 39 cents to settle at $49.56 a barrel on the New York Mercantile Exchange.
The $1,279 area is a key technical level, representing a downtrend that has been in force since mid-2016 when gold surged to a two-year peak of $1,374.91. Stocks in Taiwan, Singapore and other Southeast Asian countries were also lower.
Oil prices gained 60 cents to $50.16 USA per barrel.
The euro bought $1.1739, compared with $1.1760 late Wednesday in NY.
Australian shares were down 1.3 percent, set for a weekly loss of 0.6 percent and Chinese and Hong Kong bluechips lost 1.6 percent and 1.9 per cent respectively.
Stocks rally, but end a bit lower
Despite today's jump, gold still sits well below its 52-week high of over $1,350 per ounce, which it reached last summer. In currency markets, the Canadian dollar was trading at an average price of 78.71 cents USA , down 0.20 of a U.S. cent.
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Mr Odinga labelled the preliminary results as fake but urged his supporters to remain calm. His deputy Kalonzo Musyoka said the opposition might call for unspecified "action" later.
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Full-time officials will be hired at each of the seven officiating positions and may serve on each of the 17 officiating crews. But the average cost of chartering an aircraft for an entire season can run a team around $4 million depending on the charter.
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Players who try to deceive referees to win a penalty or get an opposing player sent off will now face two-match bans. It takes into account form, who your team still has left to play, and how well a team has done in previous seasons.