Wall Street lower on US-North Korea tensions

Meanwhile, President Donald Trump intensified his rhetoric, saying North Korea should be “very, very nervous” if it does anything to the US. “As long as it doesn’t go beyond just a war of words, this is going to be short-lived”. Eastern time. The Dow Jones industrial average slid 64 points, or 0.3 percent, to 22,020. The Nasdaq composite lost 68 points, or 1.1 percent, to 6,284. May 17 was the last time the three indexes had a bigger single-day decline. In a note to investors, Paul Christopher, head global market strategist, and Tracie McMillion, head of global asset allocation, suggest, “the threat of a nuclear weapon is certainly more serious than previous threats, but that threat also may increase the probability of a diplomatic solution”. The Russell 2000 index of smaller-company stocks gave up 9 points, or 0.7 percent, to 1,400. All the indexes are down for the week. The yield on the 10-year Treasury note slipped to 2.22 percent from 2.25 percent late Wednesday.

The decline followed overnight losses on Wall Street.

President Donald Trump warned North Korea of “fire and fury” this week in response to recent threats from Pyongyang, which said it was examining plans for attacking Guam, a USA territory in the Pacific with a military base.

“Corporate earnings can be easily overshadowed if there is a real threat of a conflict”.

But U.S. stocks regained some lost ground, despite Trump’s comments Friday that U.S. weapons are “locked and loaded“, ready to respond if North Korea acts “unwisely”. “I don’t see it as a fear-driven sell-off”. They outweighed gains in health care stocks and elsewhere.

OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, declined 20 cents to $51.70 per barrel in London.

Several financial sector companies also helped pull down the market.

Disappointing quarterly results from big department store chains also weighed down the market. Macy’s slumped 10 percent after reporting its 10th straight decline in a key sales measure. The stock lost $3.03 to $8.81. Its shares slid $11.64 to $61.70.

Shares of Snap were off about 13 percent premarket following the social media company’s earnings that came below estimates and a slew of price target cuts.

Dow member Disney dropped 3.9 percent as it reported flat third-quarter revenues due in part to weakness in its cable subscription business. The stock shed $1.37 to $4.74.

Benchmark U.S. crude fell 97 cents, or 2 percent, to $48.59 a barrel on the New York Mercantile Exchange.

US crude rose 0.41 percent to $48.79 per barrel and Brent was last at $52.01, up 0.21 percent.

In other energy futures trading, wholesale gasoline rose 1 cent to $1.61 a gallon, while heating oil was little changed at $1.63 a gallon.

ASIA’S DAY: Japan’s benchmark Nikkei 225 inched down less than 0.1 percent to finish at 19,729.74. It was up $15.70, or 1.2 percent, to $1,278.30 an ounce. Copper fell 2 cents to $2.90 a pound.

CURRENCIES: The dollar slipped to 109.78 yen from 110.06 late Wednesday in Asia. The euro slid to $1.1742 from $1.1752.

South Korea’s KOSPI .KS11 fell 1.7 percent on Friday to its lowest since May 24, but its losses for the week were a relatively modest 3.2 percent. Britain’s FTSE 100 sank 1.4 percent. Hong Kong’s Hang Seng was off 0.3 percent.

USA crude fell 0.41 percent to $48.39 per barrel and Brent was last at $51.68, down 0.42 percent on the day.