NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all about 0.2% higher early Friday, although they are still down for the week and the month of August so far.
Europe in trouble: European markets trimmed losses after a Russian official said Moscow is willing to mediate talks between Kiev and pro-Russian separatist in Ukraine, according to a report in RIA Novosti.
Italy's stock market was up more than 1% after the government approved new stimulus measures aimed at lifting the nation's economy out of recession.
But the DAX in Germany was under pressure after falling into a correction. The benchmark index has fallen by about 11% since its peak in late June as investors worry about the effects Russian sanctions will have on the German economy.
Related: German stocks pummeled
U.S. headed for correction? Despite the early gains, the mood on Wall Street remains cautious as investors grapple with multiple crises in Israel, Iraq and Ukraine. Russia announced a round of limited import bans this week in retaliation to U.S. and European sanctions, raising concerns about a possible trade war.
"When you have this much uncertainty in the market which is due to geopolitical tensions, this not only makes the ordinary investor nervous but the professionals take a back step as well," said Naeem Aslam, chief market analyst at foreign exchange broker AvaTrade.
Related: Bears come out of hibernation on Wall Street
Extreme fear: The CNNMoney Fear & Greed index is pointing to "extreme fear."
U.S. President Barack Obama has authorized "targeted airstrikes" in Iraq to protect American personnel and help Iraqi forces. Concerns are growing about a humanitarian crisis in Iraq where minority groups are facing possible slaughter by Sunni Muslim extremists.
Treasury bond yields hit the lowest level in a year (2.39% yield) and gold prices have been rising as investors seek safety in assets that are considered less risky.
Nearly every Asian stock market index also closed in negative territory. The Nikkei in Japan dropped by 3%.
Related: How to stay safe in a scary market
Stock market movers -- Lululemon, Tekmira, Fox: Shares for yoga clothier Lululemon Athletica (LULU) jumped after founder Dennis Wilson agreed to sell half his stake, of $845 million in stock, to private equity firm Advent.
Tekmira Pharmaceuticals (TKMR) said Thursday that the U.S. Food and Drug Administration will allow trials of an experimental treatment for the Ebola virus to move forward, a process dubbed "fast tracking". Shares soared 20%.
Shares in 21st Century Fox (FOX) were down in early trading. Rupert Murdoch's media company announced this week it was dropping its bid to buy Time Warner (TWX) and shares had jumped by about 6%.
Zynga (ZNGA) shares sank after the maker of games for social media applications reported a loss for its second quarter.
Tesla (TSLA) was down slightly despite resolving a trademark dispute that threatened its growth in China.
Related: CNNMoney's Tech 30 index
Sotheby's (BID) is among the key companies reporting second quarter earnings before the opening bell. The auction house has been under pressure from Dan Loeb's hedge fund Third Point to boost profits.
First Published: August 8, 2014: 9:54 AM ET
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