Stocks slide on continued concern over tension between U.S. and North Korea

Traders working on the floor of the New York Stock Exchange

Stocks slide on continued concern over tension between U.S. and North Korea

Wall Street declined on Thursday, with the S&P 500 registering its first daily drop of more than 1% in nearly three months, as investors grew cautious over escalating tensions between the United States and North Korea. Banks and retail chains were also among the big decliners.

Dow Jones Industrial Average (DJIA) futures are trading below fair value, as the tensions between the USA and North Korea amplify.

Energy stocks fell along with the price of crude oil.

The Standard & Poor's 500 index fell 5.99 points, or 0.2 percent, to 2,474.92.

The Nasdaq finished the day at 6,216.87, a slide of 135.46, while the S&P 500 lost almost 1.5 percent, ending the day at 2,438.21.

US indexes were trading at session lows on Thursday afternoon, with the Dow and the Nasdaq posting triple-digit point declines, as investors fretted over escalating tensions between the United States and North Korea.

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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.

It makes sense that investors would start to cut their positions in some of their winners and look for other investments that might be better bets for a rockier period for the markets and global economy. Alliance Data Systems fell $6.28, or 2.7 percent, to $225.64. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman all rose, with the Dow Jones US defense index up 1.48 percent at 409.58. The Dow slumped by 1.1 percent, while the Nasdaq and the S&P 500 tumbled by 1.5 percent and 1.4 percent, respectively.

Michael Kors Holdings Ltd. climbed 21.5 percent after the luxury handbag and apparel designer and retailer's latest quarterly results beat analysts' forecasts as sales improved.

Wall Street rebounded on Friday and ended on a good note in a hard week marked by increasing geopolitical tensions: the Dow Jones has taken 0.1% and the Nasdaq up 0.6 per cent.

MOUSE HOUSE: Disney dropped 5.1 percent a day after the media giant reported a weak quarter and said it would pull its movies from Netflix and start two of its own video streaming services. TripAdvisor shares shed $3.34, or 8.5 percent, to $36.21.

BONDS: Bond prices rose.

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Investors opted for the perceived safety of US Treasuries, which pushed the yield on the 10-year note three basis points lower to 2.21%.

Ralph Lauren Corp. shares gained $10.38, or 13.3 percent, to $88.53, while peer-to-peer loan company LendingClub Corp. added 99 cents, or 18.1 percent, to $6.45. Brent crude, used to price worldwide oils, added 21 cents to $52.91.

CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen late Tuesday. The euro rose to $1.1774 from $1.1752. Nevertheless, APRN is down 12.7% in pre-market trading, headed for a record low.

MARKETS OVERSEAS: In Europe, Germany's DAX was down 1.1 percent, while France's CAC 40 fell 1.4 percent. Britain's FTSE 100 added 0.1 percent.

It was a down day for Asian stocks, as traders shied away from riskier assets amid the ongoing war of words between North Korea and the U.S. The biggest loser in the region was Hong Kong's Hang Seng, which dropped 1.1%.

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