U.S. stock benchmarks early Wednesday traded lower as fears about the health of the Turkish economy weighed on the broader market.
The Dow Jones Industrial Average fell 148 points, or 0.6%, at 25,147, the S&P 500 index declined by 17 points, or 0.6%, at 2,822, while the Nasdaq Composite Index gave up 0.7% at 7,817.
Reignited concerns that problems in Ankara could ripple to emerging markets and economies in Europe have underpinned recent selling in stocks and flight to the perceived safety of government bonds and away from equities. Turkish lira however, were higher against the dollar, up 4.9%, even after the country announced that it would impose duties against U.S. imports, including alcohol. The 10-year Treasury note was yielding 2.86%, with bond prices rising as yields fall. In the latest economic data, retail sales climbed by 0.5% in July, above expectations. In corporate data, shares of Tencent Holdings were lower after the technology company reporte.
Source : Marketwatch