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. In the letter 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.