Disney Stock Exacts Steeper Toll Than North Korea On Dow

North Korea leader Kim Jung Un center watched the launch of a Hwasong-14 intercontinental ballistic missile ICBM in North Korea's northwest

Shares of Walt Disney Co fell about 5% and of Netflix fell about 3%, after Disney said it would end a distribution deal with Netflix for new Disney and Pixar movies in 2019, as it invests in the launch of its own ESPN- and Disney-branded online streaming sites. Pyongyang said it was examining plans for attacking Guam, a USA territory in the Pacific with a military base. The Dow Jones industrial average slid 0.2 percent to 22,048.70. Rising political tensions have cast a downbeat shadow over markets but the ultimately decline appears to be relatively muted in early trade.

Information technology fell 1.24 percent, hurt by a 16.6 percent plunge to C$66.50 in Kinaxis Inc stock.

The Labor Department also said unit labor costs rose by 0.6% in the second quarter following an upwardly revised 5.4% spike in the first quarter.

Burger chain Wendy's was up 1.84 percent after it reported better-than-expected quarterly profit and sales. The Nasdaq composite fell 13 points, or 0.2 percent, to 6,370.

THE QUOTE: "Risk-averse sentiment is dominating global equities markets, and USA indices have retraced from record levels over the last two days".

The escalating tensions prompted investors to dump assets seen as riskier, such as stocks and high yielding currencies, and flock to traditional safe haven assets like the yen, Swiss franc and gold. The Dow also fell 0.5% to dip briefly back below the 22,000 mark, and the Nasdaq tumbled almost 1%.

Travel website operator Priceline fell 7.26 percent, weighing the most on the S&P and the Nasdaq, following a disappointing forecast. The company booked a hefty charge and said its CFO is leaving the company.

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Stocks have moved mostly lower in morning trading on Wednesday, adding to the modest losses posted in the previous session.

Overseas markets were also lower Wednesday.

The major averages have climbed off their lows of the session but remain in negative territory.

ASIA'S DAY: Tokyo's Nikkei 225 tumbled 1.3 per cent to 19,738.71 and Seoul's Kospi fell 1.1 per cent to 2,368.39.

The yield on the 10-year US Treasury note rose to 2.282% from 2.258% on Monday. While the UK's FTSE 100 Index has fallen by 0.6%, the German DAX Index is down by 1.1% and the French CAC 40 Index is down by 1.5%.

METALS: Gold, a traditional safe haven play, was moving higher. Gold settled up 1.4% at $1,256.40 an ounce, then rose almost 2% - to almost $1,283 - after Wednesday's settlement. Brent crude, used to price global oils, gave up 29 cents to $51.85 in London. The euro slid to $1.1732 from $1.1752.

ENERGY: Benchmark U.S. crude gained 1 cent to $49.57 a barrel in electronic trading on the New York Mercantile Exchange.

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