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

By Sruthi Shankar and Tanya Agrawal

US stocks moved lower in morning trading Wednesday as traders weighed the growing tensions between the USA and North Korea.

Consumer-focused stocks, media companies, and banks accounted for much of the market decline.

Wall Street's downbeat start followed a slide in major stock indexes in Europe and Asia. Prices for bonds and gold headed higher.

The Dow Jones industrial average fell 36 points, or 0.2 percent, to 22,048.

The Nasdaq Composite was down 37.30 points, or 0.59 percent, at 6,315.03.

The Standard & Poor's 500 index fell 24 points, or 0.9 percent, to 2,450.

Pyongyang, which has threatened to fire missiles toward the US Pacific island territory of Guam, gave more details of its plans.

"It remains possible that we will see another brief lurch downwards, particularly in the technology sector that seems to be the locus of hedging activity, but the chances of this developing into a meaningful correction still looks remote at the current time", Shaoul said. "I have a feeling that by the end of the week, we'll feel this was just another blip on the radar".

Disney dropped 4.5 percent after reporting a weak quarter and saying it would pull its movies from Netflix and start two of its own video streaming services. Shares of Macy's lost 10% and Kohl's fell 5.8%.

The data comes amid tepid inflation that has remained below the Fed's 2 percent target, despite low unemployment.

Should US shoot North Korea's missiles down? It's not that simple
In the same manner, those who support the presence of the military on Guam will argue that this is what keeps us safe", he said. In 2016, the North Koreans released pictures of leader Kim Jong Un standing before a miniaturized nuclear device .

The S&P was only down 0.1 percent for the week entering the session. Rival TripAdvisor also slumped after its latest quarterly report showed that online and transaction revenue growth fell sharply.

Silver gained 47 cents, or 2.9 percent, to $16.86 an ounce.

J.C. Penney Co. (JCP) slumped 17% after it reported a wider-than-expected second-quarter loss (http://www.marketwatch.com/story/jc-penney-shares-sink-after-losses-exceed-expectations-2017-08-11). The company booked a hefty charge and said its CFO is leaving the company. Hong Kong's Hang Seng shed 2% Friday and lost 2.5% for the week - its biggest weekly decline of the year.

Energy stocks retreated 0.5 percent, despite higher oil prices. Tokyo's Nikkei 225 tumbled 1.3 percent, while Seoul's Kospi fell 1.1 percent.

For the week, the Dow is on track to fall 0.9%, its biggest one-week drop since April.

A weaker-than-expected July consumer price data also supported the recovery.

Safe-haven assets such as gold and the Swiss franc were again in favor. The Nasdaq composite lost 96 points, or 1.5 percent, to 6,256.

On the currency front, the US dollar is trading at 108.82 yen compared to the 109.20 yen it fetched at the close of NY trading on Thursday. Bent crude, the global benchmark, rose 19 cents to $52.33 a barrel.

CURRENCIES: The dollar slipped to 109.48 yen from 109.85 late Wednesday. The euro slid to $1.1732 from $1.1752.

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