Updated from 12:58 p.m. ET, Thursday, Aug. 10. 

Stocks were trading lower for their third straight session on Thursday, Aug. 10, as the threat of conflict with North Korea cast a pall over Wall Street.

The Dow Jones Industrial Average was down 0.63%, around 140 points lower and retreating below its 22,000 level. 

The S&P 500 fell 1.1% and was trading at session lows. The Nasdaq slid 1.7%. The Volatility Index increased 35% to 14.96. The index reached a level not seen since mid-May earlier in the session.

Tensions between North Korea and the U.S. have intensified in recent days after Trump warned of severe retribution should the authoritarian state proceed with any more missile tests or threats. In a statement delivered at his Bedminster, N.J., golf club on Tuesday, Trump said, "North Korea best not make any more threats to the U.S. They will be met with fire and fury like the world has never seen." Trump tweeted Wednesday morning that one of his first orders as president was to "renovate and modernize" the nuclear arsenal.

Trump followed up on his threats Thursday in comments in Bedminster. He told reporters, "North Korea better get their act together or they're going to be in trouble like few nations have been in trouble before."

Trump's rhetoric has escalated since reports broke at the beginning of the week that North Korea had successfully produced a nuclear warhead that could be fitted inside its missiles. The U.N. Security Council unanimously voted on Saturday to impose new sanctions on North Korea after several missile tests.

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