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Stocks fall amid U.S.-North Korea tensions; Disney and Netflix slide

U.S. stocks headed lower in early trading Wednesday as investors eyed the growing tensions between the U.S. and North Korea. A batch of disappointing company earnings also weighed on the market, with consumer-focused companies and technology stocks among the biggest decliners.
Wall Street's downbeat start followed a slide in major stock indexes in Europe and Asia. Gold and bond prices rose.
KEEPING SCORE: The Standard & Poor's 500 index was down 7 points, or 0.3%, to 2,467 as of 10:19 a.m. Eastern time. The Dow Jones industrial average fell 64 points, or 0.3%, to 22,020. The Nasdaq composite slid 40 points, or 0.6%, to 6,329. The Russell 2000 index of smaller-company stocks declined 9 points, or 0.7%, to 1,400.
KOREA JITTERS: With President Trump warning North Korea of “fire and fury,” investors have become concerned that the war of words between Washington and Pyongyang could spiral out of control. Pyongyang said it was examining plans for attacking Guam, a U.S. territory in the Western Pacific with a military base. The comments follow reports that the North has mastered a technology needed to strike the United States with a nuclear missile.
MOUSE HOUSE: Disney dropped 5.1% to $101.57 a day after the media giant reported a weak quarter and said it would pull its movies from Netflix and start two video streaming services of its own. Netflix fell 1.9% to $174.99.
Read more: Disney to offer two streaming services and end its movie distribution agreement with Netflix »
BAD TRIPS: Priceline Group slid 8.1% to $1,882.94 after the online travel booking service issued a profit forecast that was weaker than analysts expected. Its rival TripAdvisor also slumped after its latest quarterly report showed that online and transaction revenue growth fell sharply. TripAdvisor shares declined 8.5% to $36.21.
TIME OUT: Fossil tumbled 25.6% to $8.81 after the watch maker said sales continued to weaken, falling short of analysts' estimates. The company booked a hefty charge and said its chief financial officer was leaving the company.
MARKETS OVERSEAS: In Europe, Germany's DAX was down 1.1%, while France's CAC 40 slid 1.4%. The FTSE 100 index of leading British shares declined 0.6%. Major indexes in Asia closed lower. Tokyo's Nikkei 225 tumbled 1.3%, while Seoul's Kospi fell 1.1%. Hong Kong's Hang Seng was off 0.3%.
BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.22% from 2.26%.
METALS: Gold, a traditional haven, was moving higher. It was up $15.70, or 1.2%, to $1,278.30 an ounce. Silver also rose, climbing 38 cents, or 2.3%, to $16.77 an ounce.
OIL: Benchmark U.S. crude rose 27 cents to $49.44 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 29 cents to $52.43 in London.
CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen. The euro slid to $1.1714 from $1.1752.
UPDATES:
8:10 a.m.: This article was updated with market prices and context.
This article was originally published at 6:50 a.m.

Disney will pull its movies from Netflix and start its own streaming services

Disney wants to own a bigger piece of the streaming pie.
The company announced during its latest earnings report on Tuesday it intends to remove its movies from Netflix.
Instead, Disney plans to launch a branded direct-to-consumer streaming service in 2019 starting in the U.S. and expanding globally.
CEO Bob Iger told CNBC's Julia Boorstin Disney had a "good relationship" with Netflix, but decided to exercise an option to move its content off the platform. Movies to be removed include Disney as well as Pixar's titles, according to Iger. Netflix said Disney movies will be available through the end of 2018 on its platform. Marvel TV shows will remain.
The new platform will be the home for all Disney movies going forward, starting with the 2019 theatrical slate which includes "Toy Story 4," "Frozen 2," and the upcoming live-action "The Lion King." It will also be making a "significant investment" in exclusive movies and television series for the new platform.
The company will also launch its own ESPN video streaming service in early 2018. The platform, which will feature about 10,000 sporting events each year, will have content from the MLB, NHL, MLS, collegiate sports and tennis' Grand Slam events.
To power the services, Disney is buying a majority ownership of BAM Tech for $1.58 billion. Disney bought a 33 percent stake in the company, which was spun off from digital media company MLB Advanced Media, in August 2016.
"This represents a big strategic shift for the company," Iger said to CNBC. "We felt that having control of a platform we've been very impressed with after buying 33 percent of it a year ago would give us control of our destiny."
Netflix stock dropped more than 5 percent upon announcement of the news.

Coen Brothers’ ‘Ballad of Buster Scruggs’ to Hit Netflix in 2018

Photo Tim Blake Nelson will star in the series, a six-episode Western anthology. Credit Nicole Bengiveno/The New York Times
“The Ballad of Buster Scruggs,” the first television series directed by the Oscar-winning filmmakers Joel and Ethan Coen, will have its premiere on Netflix in 2018.
The series, which Netflix said will be a six-episode anthology set during the frontier era in the American West, will star Tim Blake Nelson (“O Brother Where Art Thou?”) in the title role. Each episode will depict a different character and story line.
“The Coens are visionary directors, masterful storytellers and colorful linguists,” Cindy Holland, Netflix’s vice president of original content, said in a statement. “We are thrilled for Netflix to become home to the full range of their talents.”
The show will be produced by Annapurna Television, with the Coen brothers as executive producers, writers and directors.
With this series, the Coens will join other big-screen directors who have recently dipped their toes into TV, including Woody Allen (“Crisis in Six Scenes”), Baz Luhrmann (“The Get Down”) and David O. Russell, who is developing a drama series for Amazon.
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