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U.S. oil futures are plunging and threatening to knife below a key line in the sand Crude-oil prices plunged Friday midday, putting the commodity on the brink of sliding below a closely followed trend line, with oil futures taking a beating on news that the Organization of the Petroleum Exporting Countries and Russia are considering lifting production caps. Most recently, June oil futures were recently down 4.3% at $67.67 a barrel, just above its 50-day moving average at $67.54, according to FactSet data. Market technicians sometimes use moving averages as a dividing line between bullish and bearish momentum in an asset. West Texas Intermediate crude oil trading on the New York Mercantile Exchange–the U.S. benchmark–hasn’t broken below its 50-day moving average since early April. To be sure, oil has been a strong performer, of late, last week hitting a 3 1/2-year peak and rising 6.6% over the past three months, while the Dow Jones Industrial Average is down 2.2% over the same period and the S&P 500 index has lost 1%.

Dow off 160 points as Trump cancels North Korean summit, citing ‘tremendous anger and open hostility’U.S. stock benchmarks traded lower in early Thursday action after President Donald Trump canceled a planned meeting with North Korea. The gathering had been tentatively set for around June, and there were already signs that it may not happen due to recent comments from Pyongyang officials. In a letter released by the White House, Trump told North Korean leader Kim Jong Un that the summit "will not take place." The president added that "tremendous anger and open hostility displayed in your most recent statement," was behind the cancellation. The letter comes after officials from Hermit Kingdom have expressed anger over U.S. demands to denuclearize. Trump said "you talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used." The Dow Jones Industrial Average , most recently, was off 170 points, or 0.7%, at 24,714, the S&P 500 index sank 0.5% at 2,720, while the Nasdaq Composite Index retreated by 0.4% at 7,395. Markets had already opened lower as a decline in crude-oil futures weighed on energy-related stocks , including Chevron Corp. and Exxon Mobil Corp. .

Gold pops above $1,300, flirts with retaking key trend line as Trump cancels North Korean summitGold futures early Thursday broke above $1,300 for the first time in about 10 sessions and threatened to punch above a closely watched long-term trend line, following President Donald Trump’s decision in the morning to cancel a planned summit with North Korea. Trump cited "tremendous anger and open hostility displayed in your most recent statement," for his decision in a letter to Pyongyang leader Kim Jong Un. Gold prices , which tend to rise amid geopolitical uncertainty, were up 1.2% at $1,305 an ounce, with an intraday peak at $1,306.40. The precious commodity is trading just below its 200-day moving average at $1,308.41 an ounce, according to FactSet data. The yellow metal hasn’t settled above $1,300 since May 14 and has been mostly under pressure amid a rising dollar and stocks that have mostly edged higher. Stocks, meanwhile, were falling, with the Dow Jones Industrial Average off 0.7% at 24,723, while the S&P 500 index was 0.6% lower at 2,717.