Stocks Dropped after Trump Canceled Summit with North Korea

U.S. stocks dropped at open on Thursday, after President Donald Trump called off his planned June 12 summit meeting with North Korean leader Kim Jong Un. The Dow Jones Industrial Average lately fell 119.68 points, or 0.48%, to 24,767.13. The S&P 500 was down 11.73 points, or 0.43%, to 2,721.56. The Nasdaq Composite dropped 23.97 points, or 0.32%, to 7,401.99.

Oil prices continued to fall on Thursday, as investors took into account the possibility of higher output from the Organization of the Petroleum Exporting Countries (OPEC). The West Texas Intermediate crude oil futures for July delivery were trading at $71.36 per barrel—a drop of 0.67%. The Brent crude oil futures for July delivery declined 0.9% and were trading at $79.08 per barrel.