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US stocks fall on Turkey tensions, Tesla drops

Aug 17 2018 16:42

Wall Street stocks fell early on Friday as the Turkish lira fell on the latest diplomatic frictions with the United States.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.1% to 25 537.26.

The broad-based S&P 500 dropped 0.1% to 2 838.49, while the tech-rich Nasdaq Composite Index shed 0.3% to 7 784.40.

Stocks have been volatile all week as markets have weighed the possibility of economic carnage sparked by with Turkey, which is mired in a fight with the United States over a detained American pastor.

The Turkish lira on Friday resumed a downward fall after rebounding slightly from historic lows over the last three sessions.

Tesla Motors sank six percent on continued fallout from CEO Elon Musk's efforts to take the electric automaker private.

In an interview with The New York Times, Musk acknowledged exhaustion from overwork as regulators probe his statements about the plan on Twitter.

Among companies that reported earnings, Nordstrom surged 10.4%, while Applied Materials slumped 8.6% and Deere & Company dropped 1.8%.

Wall Street stocks had risen strongly on Thursday following news of the resumption of trade talks between the United States and China but some analysts suggested on Friday that the rally was exaggerated.

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equities  |  wall street  |  markets


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