Shares sink as North Korea summit is axed and trade worries hurt car makers
A US probe into automotive imports weighs on the world’s car makers; Wall Street opens lower on news of US-North Korea developments
New York — US President Donald Trump canceling a planned June meeting with North Korean leader Kim Jong-un sent global shares lower on Thursday, while automotive stocks continued to decline on tariff fears. Trump, in a letter to North Korea released by the White House, called off the June 12 summit, citing "tremendous anger and open hostility" in a recent statement by the country. The cancellation came just after North Korea followed through on a pledge to blow up tunnels at its nuclear test site. After the release of Trump’s letter, stocks sank. On Wall Street, the Dow Jones Industrial Average fell 195.64 points, or 0.79%, to 24,691.17, the S&P 500 lost 16.39 points, or 0.60%, to 2,716.9, and the Nasdaq Composite dropped 41.78 points, or 0.56%, to 7,384.18. The pan-European FTSEurofirst 300 index lost 0.58% and MSCI’s gauge of stocks across the globe shed 0.42%. As the latest US-North Korea concerns boosted investor appetite for low-risk debt, US 10-year treasury yields fell to a s...
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