US STOCKS-Turkey turmoil spills over to Wall St, shaves 200 pts off Dow

Reuters

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    * Trump doubles tariffs on Turkish steel and aluminum 
    * Turkish lira plummets, U.S. dollar strengthens
    * Intel falls as Goldman downgrades to 'sell'
    * Banks among the biggest losers on S&P
    * Indexes down: Dow 0.62 pct, S&P 0.47 pct, Nasdaq 0.40 pct 

 (Updates to open)
    By Amy Caren Daniel
    Aug 10 (Reuters) - The Dow Jones Industrial Average fell
more than 200 points on Friday amid a widespread selloff in
global stocks as the Turkish lira tumbled due to concerns over
the country's economy and a deepening rift with the United
States.
    President Donald Trump doubled tariffs on aluminum and steel
imports from Turkey, deepening the currency's losses and raising
concerns that the crisis could weigh on other economies.
 urn:newsml:reuters.com:*:nL1N1V10IN
    "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 New York, wrote in a note.
    "This will eventually matter greatly to U.S. markets."
    Investors fled to safe-haven assets, with the dollar rising
to a 13-month high and U.S. bond yields slipping to a three-week
low.  US/ 
    Ten of the 11 major S&P sectors were lower, with bank stocks
 .SPXBK  taking the biggest hit.
    "Banks are leverage plays on the global economy. Anytime
there's a sniff of contagion they will be weak," said Michael
Antonelli, managing director, institutional sales trading at
Robert W. Baird in Milwaukee.
    JPMorgan  JPM.N , Wells Fargo  WFC.N  and Bank of America
 BAC.N  fell more than 1 percent, weighing the most on the
benchmark S&P 500.    
    At 9:48 a.m. EDT the Dow Jones Industrial Average  .DJI  was
down 158.88 points, or 0.62 percent, at 25,350.35, the S&P 500
 .SPX  was down 13.35 points, or 0.47 percent, at 2,840.23 and
the Nasdaq Composite  .IXIC  was down 31.69 points, or 0.40
percent, at 7,860.09.
    S&P technology sector's  .SPLRCT  0.42 percent fall was led
by chipmakers.
    Intel  INTC.O  dropped 2.6 percent after Goldman Sachs
downgraded the stock to "sell". Micron  MU.O  also fell 1.1
percent.
    Microchip's  MCHP.O  shares fell 10.5 percent, the biggest
decliner on the S&P, after it forecast disappointing
second-quarter revenue.
    Data on Friday showed U.S. consumer prices rose in July and
the underlying trend continued to strengthen, pointing to a
steady increase in inflation pressures.  urn:newsml:reuters.com:*:nLNSAJEEIC
    Declining issues outnumbered advancers for a 2.34-to-1 ratio
on the NYSE. Declining issues outnumbered advancers for a
1.85-to-1 ratio on the Nasdaq.
    The S&P index recorded 4 new 52-week highs and 7 new lows,
while the Nasdaq recorded 33 new highs and 45 new lows.

 (Reporting by Amy Caren Daniel in Bengaluru; Editing by Anil
D'Silva)
 ((Amy.CarenDaniel@thomsonreuters.com ; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 9250 ; Reuters Messaging:
Amy.CarenDaniel.thomsonreuters.com@reuters.net))

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