TSX, Wall Street end lower as Turkey woes hit banks

TSX, Wall Street end lower as Turkey woes hit banks

The Nasdaq Composite Index increased 3.46 points, or 0.04 percent, to 7,891.78.

With the second-quarter US 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 gained 13.43 points, or 0.8 per cent.

The geopolitical turmoil in Turkey is certainly making waves across the global economies, particularly in the United States where the Dow Jones Industrial Average fell over 200 points today.

The Dow Jones Industrial Average dropped 196.09 points to 25,313.14 as Intel declined.

Microchip's shares fell 10.5 percent, the biggest decliner on the S&P, after it forecast disappointing second-quarter revenue.

The Dow slid 149.44 points, or 0.6 per cent.

Lam Research, Micron, Applied Materials and ON Semiconductor fell between 1 percent and 4.7 percent.

A slump in the Turkish lira worsened after U.S. President Donald Trump doubled tariffs on steel and aluminum imported from the country.

India vs England 2nd Test Day 3 at Lord's: Highlights
On the stroke of lunch, the impressive Shami picked up his second wicket with a ball that kept low and cannoned into Root's pads. That brought in Chris Woakes (55 not out ) and alongside Jonny Bairstow he ensured more pain for India .

"There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now", said Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois.

Rite Aid RAD.N fell 11.5 percent after the drug store chain and US grocer Albertsons Cos ABS.N agreed to terminate their merger agreement.

JPMorgan, Wells Fargo and Bank of America fell more than 1 percent, weighing the most on the benchmark S&P 500.

The S&P 500 is up 179.97 points, or 6.7 percent.

Citigroup, the most global of the major USA banks, fell 2.4 per cent. JPMorgan, Wells Fargo and Bank of America were also lower.

Shares of trade-sensitive companies declined, with Boeing, 3M and Caterpillar down between 2.3 percent and 4 percent.

Declining issues outnumbered advancers for a 2.34-to-1 ratio on the NYSE.

About 5.9 billion shares changed hands on USA exchanges.

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