After showing a lack of direction earlier in the session, stocks have moved modestly lower over the course of the trading day on Friday. The tech-heavy Nasdaq has pulled back into negative territory after hitting a record intraday high.
Currently, the major averages are lingering below the unchanged line. The Dow is down 36.47 points or 0.2 percent at 20,944.86, the Nasdaq is down 5.32 points or 0.1 percent at 6,043.61 and the S&P 500 is down 4.69 points or 0.2 percent at 2,384.08.
The modest weakness on Wall Street comes after President Donald Trump warned of a major conflict with North Korea over its nuclear and missile programs.
“There is a chance that we could end up having a major, major conflict with North Korea. Absolutely,” Trump said in an interview with Reuters on Thursday.
Trump said he wants to resolve the standoff with North Korea peacefully but argued a diplomatic solution is “very difficult.”
On the U.S. economic front, the Commerce Department released a report showing that economic growth slowed by more than anticipated in the first three months of 2017.
The Commerce Department said gross domestic product increased by 0.7 percent in the first quarter after jumping by 2.1 percent in the fourth quarter. Economists had expected GDP to climb by 1.2 percent.
The weaker than expected increase in GDP in the first quarter represents the worst performance since a 1.2 percent decline in the first quarter of 2014.
Among individual stocks, shares of Intel (INTC) are moving notably lower after the semiconductor giant reported first quarter earnings that exceeded analyst estimates but on weaker than expected revenues.
Chipmaker Qualcomm (QCOM) has also come under pressure after cutting its fiscal third quarter guidance due to Apple (AAPL) withholding future royalty payments amid a dispute between the companies.
Meanwhile, shares of Amazon (AMZN) seeing notable strength after the online retail giant reported first quarter results that beat expectations on both the top…