The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
US equities head south as Donald Trump lifts duties on Turkey
Information is not investment advice
On Friday, Wall Street declined because geopolitical tensions between Turkey and the United States generated worries in global markets.
The S&P 500 went down by 0.50% trading at 2,839.23. The Dow dipped by 0.65% reaching 25,343.40, while the Nasdaq Composite inched down by 0.50% showing 7,852.47.
On Friday, American leader announced that he would double duties on aluminum and steel imports from Turkey because the two countries clash on the diplomatic front.
Meanwhile, Turkish leader Tayyip Erdogan urged Turks to sell American dollars and gold for the national currency following a meeting between American and Turkish officials that ended up with no solution over the detention of an American pastor in Turkey. As a matter of fact, the Turkish lira dived to an all-time minimum.
Technology equities headed south after the morning bell. Apple dipped by 0.14%, Snap lost 1.22%, while Facebook sank by 0.80%. As for Dropbox, its equities dived by 9.32% following news that Dennis Woodside, their chief operating officer is retiring.
Additionally, Overstock.com managed to ascend by 23.06% having uncovered that private equity company GSR Capital is on the verge of investing about $374.55 million in both the company as well as its blockchain subsidiary tZero.
Additionally, American inflation was intact in July, reducing the pressure on the key US bank to speed up its tempo of interest rate lifts.
In the European Union, equities mainly tumbled. The DAX headed south by 1.82% in Germany. Moreover, the CAC 40 lost nearly 1.43% in France. The FTSE 100 dipped by about 0.68% in Great Britain. As for the Euro Stoxx 50, it declined by 1.73%. In Spain, the IBEX 35 went down by 1.71%.
Gold futures managed to tack on by 0.20% hitting $1,222.30 a troy ounce.
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