USA stocks drop on Turkey concerns

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

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

Leading sector declines was the S&P energy index .SPNY , which fell 0.9 percent.

With the second-quarter USA earnings season mostly over, investors are turning their attention from solid economic growth and corporate profits to other risks, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.

The Russell 2000 is up 17.52 points, or 1 percent.

The Dow Jones Industrial Average fell 16.94 points, or 0.07 percent, to 25,566.81.

The Dow and the S&P 500 were little changed, while the Nasdaq was firmly higher, propped up by the high-flying technology trio of Apple, Amazon and Microsoft.

The benchmark Dow Jones Industrial Average and broader S&P 500 finished the week at a loss while the tech-heavy Nasdaq posted a slender gain.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent.

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

The Turkish lira briefly dropped almost 20 percent against the dollar after US President Donald Trump tweeted that he has authorized the doubling of tariffs on steel and aluminum imports from Turkey.

"It was a classic risk-off move", said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey.

Sinclair dropped 2.9 percent after Tribune Media dropped its $3.9 billion deal to be acquired by Sinclair and filed a lawsuit against the company for breach of contract. Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

The S&P 500 lost 7.07 points, or 0.2 per cent.

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

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1.4 percent.

Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE and by a 1.58-to-1 ratio on the Nasdaq.

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