Dow down 200, emerging markets crashing on US-Turkey geopolitical concerns

12 August, 2018, 14:54 | Author: Eric Barnett
  • Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns

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.

Recommended:

  • Pound Slips to Lowest Since November Versus Euro on No-Deal Fear

    Pound Slips to Lowest Since November Versus Euro on No-Deal Fear

    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".
    Pele predicts where Liverpool FC will finish this season

    Pele predicts where Liverpool FC will finish this season

    Jurgen Klopp says he could be without up to SEVEN first team players when Liverpool face West Ham at Anfield this weekend. We are in for an entertaining 90 minutes at Anfield, so here is everything you need to know about the match...
    Bairstow & Woakes put England in strong position at Lord’s

    Bairstow & Woakes put England in strong position at Lord’s

    Jos Buttler (24) got in and got out before he too fell lbw aiming across the line as Shami took a third wicket this innings. That brought in Chris Woakes (55 not out ) and alongside Jonny Bairstow he ensured more pain for India .
  • Halep turns back Barty to make Montreal final

    Halep turns back Barty to make Montreal final

    With the win Stephens advances to her second consecutive Rogers Cup semifinal after falling to Caroline Wozniacki past year . Stephens broke serve in the opening game and took a 4-0 lead before Svitolina found the range on her groundstrokes.
    Erdogan tells Turks to buy crumbling lira as Trump turns the screws

    Erdogan tells Turks to buy crumbling lira as Trump turns the screws

    Last week, he called on Turks to convert their foreign currency and gold into Turkish lira to help the currency. Don't heed them", Erdogan said Thursday.
    Neves inspires Wolves to 2-2 draw with Everton on EPL return

    Neves inspires Wolves to 2-2 draw with Everton on EPL return

    I was told that during pre-season it looked like I was saying something absolutely out of order, something insane . The only arrivals at United were Fred, Dalot and third choice goalkeeper Lee Grant.
  • José Mourinho takes aim at Manchester United’s board

    José Mourinho takes aim at Manchester United’s board

    Paul Pogba says he will not reveal how he feels about his situation at Manchester United for fear of being punished by the club. I always love the club. "I didn't have any pre-season games, I came back on Monday so it was very hard for the legs".
    White supremacist rally set for Sunday in D.C.

    White supremacist rally set for Sunday in D.C.

    Kessler initially wanted to return to Charlottesville, but the city denied his request , so he headed to the nation's capital. Saturday's events in Charlottesville precede a planned "white civil rights" rally set for Sunday in Washington , D.C.
    Trump praises Kanye West after Kimmel appearance

    Trump praises Kanye West after Kimmel appearance

    Kanye West has blessed the world with yet another brand new track, and sadly this one isn't entirely about "scoopity poop". Obviously, those outlets don't understand that speechless is the literal opposite of Kanye West .
  • Nasa launches historic space probe in mission to 'touch' the sun

    Nasa launches historic space probe in mission to 'touch' the sun

    The Parker Solar Probe carries a lineup of instruments to study the Sun both remotely and in situ, or directly. NASA's first mission to the sun - will expolore the sun's atmosphere and its outermost atmosphere, the corona.
    NBA, USA basketball blindsided by NCAA's rule changes

    NBA, USA basketball blindsided by NCAA's rule changes

    For the record, the ability for the best high school players to declare for the NBA Draft will be a welcome development. Therefore, if the players are undrafted, they only have two options: play in the G league or ball overseas.
    News Corp upbeat on digital assets growth

    News Corp upbeat on digital assets growth

    Furthermore, News Corp's expenses before interest, taxes, depreciation and amortisation rose 21 per cent to US$1.07 billion. Telstra and News Corp merged Fox Sports , formerly 100 per cent News Corp owned, and joint-venture Foxtel in April.


Popular

Trump calls Omarosa a 'low-life'; says Sessions is 'scared stiff'
Mr Trump was sworn in using two Bibles; his own and one used at Abraham Lincoln's inauguration in 1861. She recounts how Trump battled to have a tanning bed installed when he moved into the White House.

Torchlight Series Returns After Six Years With ‘Torchlight Frontiers’
This is undoubtedly great news, as the original developers of Torchlight , Runic, shut down around nine months ago. Schaefer said evolving the " Torchlight " universe into a shared world has always been a goal for the franchise.

Emery Expects Tough Arsenal, City Premier League Debut
Guardiola has no doubt Arsenal, who are at the start of a new era under Unai Emery , can prove to be one of the challengers. He said: "We can do our job, yes, but maybe Liverpool, Arsenal, Tottenham and Chelsea can do their job better and win".

Maurizio Sarri not aiming to repeat Napoli formula at Chelsea
Like Wolves, Fulham earned rave reviews for their summer business, outspending United and City, in signing 12 new players. "From the physical point of view, it's different", the Chelsea boss said, comparing the Premier League to Serie A .

Premier League games at 10am ET
He will now play a key role in the west London outfit's season and can hopefully win more titles with them. Chelsea boss Maurizio Sarri admits he "regrets" missing out on the signing of Gonzalo Higuain .

I fear being fined if I speak out, says Pogba
De Gea made a huge stop in the first half on James Maddison , denying the young player in the box with this save. That's not surprising, because I know from experience that everyone is a bit rusty for the first game back.

Dele Alli: 'Tottenham Hotspur have got to improve'
Kenedy and Ayoze Perez also had good opportunities to score, but Hugo Lloris remained composed and made two brilliant saves. Newcastle and Tottenham get their Premier League seasons underway on Saturday afternoon when they meet at St James' Park.

Sean Young wanted by the NYPD for burglary
In 2012, she was arrested for allegedly slapping a security guard at an Oscars after-party, according to Page Six . Surveillance video reportedly captured the actress breaking into an office in Queens, accompanied by a man.

Tiger Woods in contention at PGA Championship, but still should be ticked
The greens would be slightly smoother, the course slightly longer, the approach unchanged - see flag, aim at flag. I am definitely exhausted ", said Woods, who sweated through four shirts in his opening five holes.

Highlights from Tiger Woods' 66 on Saturday at PGA
The 38-year-old was also hot with the putter, rolling in six birdies to keep Koepka within striking distance. Along with his three birdies, he saved par from a bunker on the par-3 sixth hole from about 18 feet.