NEW YORK -- U.S. stocks fell sharply on Thursday morning after President Donald Trump called off a June 12 meeting with North Korean leader Kim Jong Un as investors responded to fresh concerns over Pyongyang's nuclear program.
After starting the day down slightly, the Dow Jones Industrial Average sank more than 280 points under Wednesday's close of 24,886 after the White House announced that the summit was off.
Spooked by the added geopolitical risk, investors are selling equities in favor of safer bonds. Yields on 10-year Treasurys slipped to around 2.95% at one point and still face downward pressure.
Similar risk aversion sent the yen strengthening against the dollar.