Markets Now: Dow Drops 105 Points as Turkey Finally Matters

Traders work on the floor of the NYSE in New York

The Dow and S&P 500 posted declines for the week following five straight weeks of gains, but the S&P 500 remains just 1.4 per cent below its record high from January 26. 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 opened lower by 13.94 points, or 0.49 per cent, at 2,839.64.

That was a drop of 0.7 percent from Thursday's close. Occidental Petroleum (OXY.N) fell 4.2 percent after it maintained a tepid production forecast for the year.

"Problems in emerging markets are more important than ever because of the global growth engine that emerging markets have become", Peter Cecchini, chief market strategist at Cantor Fitzgerald in NY, wrote in a note.

Turkish Lira Plummets; Erdogan Pledges Economic War
Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", he wrote. Deteriorating ties between the USA and Turkey - both North Atlantic Treaty Organisation members - have also alarmed investors.


Meanwhile, in the US, the dollar strengthened, gaining 0.68%.

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.

Crude oil prices tumbled more than 3.5 percent on slowing Chinese demand and trade issues, leading to a 1.29 percent drop in the energy sector, which was also the biggest drag on the S&P.

At 9:48 a.m. EDT the Dow Jones Industrial Average was down 158.88 points, or 0.62 percent, at 25,350.35, the S&P 500 was down 13.35 points, or 0.47 percent, at 2,840.23 and the Nasdaq Composite was down 31.69 points, or 0.40 percent, at 7,860.09.

England v India: second Test, day two
The second session will be vital with India still looking to get early wickets to keep England's first-innings lead to a minimum. But Kuldeep rarely troubled Bairstow, who cover-drove him for four to complete a 76-ball fifty featuring seven boundaries.


Tech shares also fell as Facebook, Alphabet and Amazon all declined.

The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares.

Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners.

S&P technology sector's 0.5 percent fall was led by chipmakers. That compares with the 6.4 billion-share daily average for the past 20 trading days, according to Thomson Reuters data.

US PGA Championship: Brooks Koepka leads, Tiger Woods in contention
Those birdies after his big blunder stood out to Finau, one of only 11 players to make the cut in all four majors this year. Tiger Woods fired a second straight 4-under 66 in the third round of the PGA Championship .


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