Markets Now: Dow Drops 105 Points as Turkey Finally Matters

Turkey turmoil rattles Wall Street, banks take a knock

The S&P 500 posted 12 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 87 new highs and 102 new lows.

USA stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets.

The Russell 2000 is up 17.52 points, or 1 per cent.

S&P 500 futures have fallen 0.5%, while Dow Jones Industrial Average futures have declined 105 points, or 0.4%.

Lam Research, Micron, Applied Materials and ON Semiconductor fell between 1 percent and 4.7 percent.

The dollar index rose 0.44 percent, with the euro down 0.52 percent to $1.1550.

Second quarter earnings are expected to increase 23.5 percent from the same period previous year.

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A slump in the Turkish lira worsened after U.S. President Donald Trump doubled tariffs on steel and aluminum imported from the country. The S&P is also less than half a percent shy of the record it hit in late January.

"Today's impact has set the markets in a temporary risk-off sentiment", said Matt Forester, chief investment officer of BNY Mellon's Lockwood Advisors.

Meanwhile, concerns over escalating trade conflict between the USA and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day. "You have banks losing because the 10-year U.S. Treasury (yield) came down".

Crude oil prices failed to make a decisive recovery on Thursday even though the USA sanctions against Iran went into effect on Thursday and the S&P 500 Energy Index closed the day 0.9% lower.

Shares in leading United States banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent. Tech shares also fell as Facebook, Alphabet and Amazon all declined.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored advancers.

About 6.7 billion shares changing hands on US exchanges.

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