Dow down 200, emerging markets crashing on US-Turkey geopolitical concerns
12 August, 2018, 14:54 | Author: Eric Barnett
The Dow Jones Small-Cap Growth TSM Index closed at 10,474.34 for a loss of -18.84 points or -0.18%.
The S&P 500 index fell 4.12 points, or 0.1 per cent, to 2,853.58.
While the geopolitical issues in Turkey were ravaging the U.S. capital markets the Turkish lira continued to devalue as U.S. President Donald Trump ratcheted up tariffs on aluminum and steel amid growing dissention between the two countries.Turkish President Recep Tayyip Erdogan went as far as asking citizens to convert their dollars and other foreign currencies, including gold to Turkish lira.
Shares of Apple rose 1 percent, while those of Amazon were up 0.5 percent and Microsoft 0.3 percent.
Lam Research, Micron, Applied Materials and ON Semiconductor fell between 1 percent and 4.7 percent.
The Russell 2000 is up 151.29 points, or 9.9 percent.
USA market indexes saw a decline in Treasury yields Friday as concerns over Turkey's currency caused increased buying of open market Treasuries.
Second quarter earnings are expected to increase 23.5 percent from the same period a year ago.
"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey.
Investors fled to safe-haven assets, with the dollar rising to a 13-month high and US bond yields slipping to a three-week low.
S&P technology sector's 0.5 percent fall was led by chipmakers.
At 12:41 p.m. ET, the Dow Jones Industrial Average was down 175.04 points, or 0.69 percent, at 25,334.19, the S&P 500 was down 14.98 points, or 0.52 percent, at 2,838.60 and the Nasdaq Composite was down 27.87 points, or 0.35 percent, at 7,863.91.
The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares.
The S&P 500 is up 159.67 points, or 6 per cent.
For the week, the Dow fell 0.6 per cent and the S&P 500 dipped 0.3 per cent.
Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1 per cent.
Declining issues outnumbered advancers for a 2.34-to-1 ratio on the NYSE.
Still, analysts expect the Pound's recovery was limited and was due to rebound rather than any optimistic news. He believes that a no-deal Brexit is now more likely than an agreed withdrawal, putting the odds at "60-40".
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