By Sruthi Shankar
Aug 11 (Reuters) - U.S. stock index futures were lower on Friday as the escalating war of words with North Korea drove investors to seek safety in low-risk assets.
* U.S. President Donald Trump on Thursday warned Pyongyang again, saying his previous promise to unleash “fire and fury” may not have been strong enough after North Korea responded with a threat to fire missiles over Japan to land near the U.S. Pacific territory of Guam.
* The S&P 500, which had its biggest one-day drop in almost three months on Thursday, was on track to post its biggest weekly decline since November.
* Global equity markets have lost nearly $1 trillion since Trump’s “fire and fury” comments on Tuesday
* Wall Street’s widely followed measure of market anxiety, the CBOE Volatility index, was up 0.79 points at 16.77 on Friday, its highest since November.
* Gold held steady at two-month high with spot gold rising 0.1 percent to $1,287.83 per ounce, putting the precious metal on pace for its biggest weekly gains since April.
* On the economic front, data is expected to show that U.S. consumer prices likely rose in July after being unchanged the prior month. It is expected to be issued at 8:30 a.m. ET (GMT).
* The data comes amid tepid inflation that has remained below the Federal Reserve’s 2 percent target, despite low unemployment.
* However, New York Fed President William Dudley said on Thursday he expected inflation to rise and suggested that the central bank was on track to raise rates once more this year.
* Investors will keenly watch appearances later on Friday by Dallas Fed boss Robert Kaplan and Minneapolis Fed President Neel Kashkari for clues on inflation and the future path of rate hikes. Both are voting members this year on the Fed’s rate-setting committee.
* Shares of Snap were off about 15 percent premarket following the social media company’s earnings that came below estimates and a slew of price target cuts.
* Nvidia’s quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker’s shares down by 7.5 percent. Rival Advanced Micro Devices was also down 3.4 percent.
* Nordstrom shares were up 1.63 percent at $45.60 following the apparel retailer’s better-than-expected quarterly same-store sales.
Futures snapshot at 7:00 a.m. ET:
* Dow e-minis were down 24 points, or 0.11 percent, with 22,166 contracts changing hands.
* S&P 500 e-minis were down 4.5 points, or 0.18 percent, with 209,543 contracts traded.
* Nasdaq 100 e-minis were down 17 points, or 0.29 percent, on volume of 36,232 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)