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Tesla Selloff Takes Down Nasdaq, North Korea Troubles Wall Street

Stocks collapsed into the close as geopolitical worries in Asia loomed over Wall Street and another selloff in Tesla Inc. (TSLA) shares dropped 5.5%, pulling the Nasdaq to session lows.

The S&P 500 fell 0.94% on Thursday, July 6, the Dow Jones Industrial Average declined 0.74%, and the Nasdaq slid 1%.

Escalating tensions in North Korea have troubled Wall Street this week. The chances for diplomacy to deal with North Korea's recent actions are "quickly closing," U.S. ambassador Nikki Haley told the U.N. Security Council on Wednesday, July 5.

"One of our capabilities lies with our considerable military forces," she continued. "We will use them if we must, but we prefer not to have to go in that direction."

President Donald Trump vowed to address the "very, very bad" behavior of North Korea during a press conference in Poland on Thursday but stopped short of promising military action following the rogue nation's firing of an intercontinental ballistic missile earlier this week.

Speaking during a joint media event in Warsaw alongside Poland's President Andrzej Duda, Trump said that he wouldn't draw "red lines" with respect to North Korea but described the country's behavior as "a shame" and said that there would be "public consequences."

"We'll just have to wait and see over the coming weeks and months," he said. "It's a shame, the way they're behaving, and something will need to be done about it."

North Korea said Wednesday that its intercontinental missile, fired into Japan's Exclusive Economic Zone early Tuesday, July 4, is able to carry a large nuclear warhead. The U.S. Defense Department believes the missile could reach as far as Alaska and possibly other parts of the North American mainland.

The missile firing comes days before a meeting of G20 leaders where a discussion of Pyongyang's arsenal will be on the agenda. World leaders will attend the G20 summit in Hamburg, Germany on Friday, July 7. Protestors and police squared off against each other in Hamburg on the eve of the summit.

Trump and Russian President Vladimir Putin will meet on the sidelines of the summit to discuss, among other things, sanctions against Russia and the country's involvement in the fight against ISIS. Meeting outcomes will be closely dissected as...


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