Major US equity indices tracked global equity sell-off, fueled by the mounting currency crisis in Turkey, and opened sharply lower on Friday
The ongoing steep decline in the Turkish Lira raised concerns about a possible contagion into other markets, especially in wake of the European banking exposure. Adding to this, the latest US sanctions against Russia and the potential for a second round of sanctions in 90 days roiled Russian currency - the Ruble.
The latest sign of turmoil in emerging economies, along with escalating geopolitical tensions were seen as key factors denting investors’ appetite for riskier assets - like equities and contributing to the early weakness on the last trading day of the week.
The global flight to safety/risk-off mood was evident from a sell-off across European equity markets and the ongoing slump in the US Treasury bond yields, which found little support from today's mostly in-line US consumer inflation figures.
During the opening hour of trade, the Dow Jones Industrial Average lost nearly 250-points to 25,275 and the broader S&P 500 Index slipped around 4-points to 2,853. Meanwhile, tech-heavy Nasdaq Composite Index was down nearly 60-points to 7,832.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.