The sudden decision dashed hopes among investors for the end of nuclear saber-rattling between the United States and North Korea. The VIX (VIX) volatility index jumped by as much as 8%. However, Trump suggested earlier this week that Chinese President Xi Jinping could be behind the more hostile rhetoric out of North Korea. Wall Street was already under a bit of pressure on Thursday prior to the scrapping of the North Korea summit. "We seem to roll from one news cycle to the next," Luschini said, "whether it's trade, North Korea or Iran."

Source: CNN May 24, 2018 15:22 UTC