Dow slips 100 points as tensions with N.Korea escalate (KSS, M)

People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo

Dow slips 100 points as tensions with N.Korea escalate (KSS, M)

"The escalation of the geopolitical situation between the US and North Korea is beginning to rattle investors' nerves as was witnessed in the VIX index yesterday", said Peter Cardillo, chief market economist at First Standard Financial. Oil prices were headed higher.

S&P 500 e-minis were up 1.5 points, or 0.06 percent, with 300,073 contracts traded.

The Dow Jones industrial average lost 50 points, or 0.2%, to 22,032.

The Nasdaq composite slumped 135.46 points, or 2.1 percent, to 6,216.87. The Russell 2000 index of smaller-company stocks gave up 4.02 points, or 0.3 percent, to 1,410.15.

The market slide accelerated slightly in the last half-hour of trading as President Donald Trump denounced North Korea's nuclear program.

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North Korea had responded to Trump's previous promise to unleash "fire and fury" with a threat to land a missile near the U.S. Penney dropped 78 cents, or 17%, to $3.93 Friday after the department store's second-quarter loss exceeded expectations.

With Japan and South Korea also warning North Korea, investors are taking a step back to see what is happening before chipping in back, Bakhos said.

The remarks followed a new report asserting that USA intelligence has assessed that Pyongyang has successfully produced a nuclear warhead that can fit inside its missiles.

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 Nasdaq composite fell 35 points, or 0.5 percent, to 6,336. Biotech companies Celgene and Amgen lost 3.8 percent and 2.6 percent, respectively.

FINANCIALS FALLING: Several financial sector companies also helped pull down the market.

Retail results are also on investors' mind as the second-quarter earning season winds down.

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Large retailers Macy's and Kohl's tumbled on Thursday after they reported another quarter of shrinking sales. On the Nasdaq, 1,685 issues fell and 615 advanced favoring decliners. Kohl's also declined, sliding $3.62, or 8.6 percent, to $38.31.

BONDS: Bond prices rose. The yield on the 10-year Treasury note slipped to 2.21 percent from 2.25 percent late Wednesday.

The Canadian dollar was trading at an average price of 78.67 cents United States, down 0.04 of a USA cent. Brent crude, the global standard, lost 23 cents to $52.14 a barrel in London. Brent crude, used to price worldwide oils, gained 10 cents to $52.24 in London.

The rhetoric, which began late Tuesday and continued into Friday, cracked the calm that has enveloped the market for months and interrupted stocks' march higher. Germany's DAX fared better, trading only 0.2 percent lower at 11,989. The FTSE 100 index of leading British shares was 0.6 percent lower.

The rouble was little changed at 60.1 against the dollar and firmed 0.05 percent to 70.7 versus the euro. Australia's S&P/ASX 200 edged down almost 0.1 percent.

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