USA stocks drop on Turkey concerns

Traders work on the floor of the NYSE in New York

US stock-index benchmarks slumped to start Friday trade, tracking a global equity retreat fueled by a mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets.

The S&P technology index fell 1 percent, with Intel down 2.8 percent after Goldman Sachs downgraded the stock to "sell".

That was a drop of 0.7 percent from Thursday's close. You worry about the effects on Europe.

The Dow is up 593.92 points, or 2.4 percent.

Chip stocks fell after Morgan Stanley downgraded the US semiconductor industry saying upside to estimates is hard to come by.

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.

The S&P 500 is up 179.97 points, or 6.7 per cent.

For the week, the Dow Jones reported a loss of 0.6%, the S&P 500 reported a loss of 0.3% and the Nasdaq Composite gained 0.4%.

"Any time that there's any movement in currencies, financials tend to reap the contagion risks", said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia. Two other key U.S. indices, the S&P 500 and the Nasdaq, pulled back 0.7 percent.

China's tit-for-tat response to the Trump administration's latest round of tariffs dragged down shares of trade-sensitive stocks such as Caterpillar and Boeing.

Data on Friday showed USA consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.

Declining issues outnumbered advancers for a 1.63-to-1 ratio on the NYSE and for a 1.06-to-1 ratio on the Nasdaq. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.

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