Midday Report: Stocks Retreat From Records as Markets Gauge North Korea Concerns

Stocks retreated from records Friday.
By Kinsey Grant ,

Stocks retreated further from records, but remained largely resilient in the face of any large selloff. Still, markets were under pressure on the escalating threat of conflict with North Korea. The rogue nation has been a source of worry since President Trump leveled new threats against the country earlier in the week.

Sprint (S) - Get Report and T-Mobile (TMUS) - Get Report were higher on further reports that the two are close to sealing a deal. The telecoms are discussing initial terms for a merger agreement that could close as soon as the end of October. T-Mobile's parent company Deutsche Telekom would hold a majority stake.

In more deal news, Time Inc. (TIME) is reportedly holding talks to sell a number of its assets, including Time Customer Service and a majority stake in Essence. The assets up for sale generated 17% of total revenue over twelve months.

And Hewlett-Packard Enterprise (HPE) - Get Report moved higher on reports it plans to cut around 10% of its staff, or at least 5,000 workers. The cuts are part of its efforts to reduce expenses as competition increases.

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