Tech stocks take Nasdaq, S&P close to record

Dow Jones Industrial Average fall on weak energy stocks

US stock-index benchmarks slumped to start Friday trade, tracking a global equity retreat fueled by a mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets.

The energy group dropped 0.75 percent and weighed the most on the S&P index as crude oil prices fell on slowing Chinese demand and trade issues.

"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.

The Dow Jones Industrial Average fell 196 points to close at 25,313.

The Dow Jones Industrial Average index slid 245 points, or nearly two percent, during early trading hours on Wall Street.

Walt Disney fell 1.6 percent after its quarterly profit missed estimates as new technology costs rose.

Energy weighs on the S&P 500 on Thursday.

The S&P 500 lost 7.07 points, or 0.2 per cent.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent.

Chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry. Tribune shares rose 2.9 percent.

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1 per cent. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric vehicle maker private, according to data from financial technology and analytics firm S3 Partners.

Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE and by a 1.58-to-1 ratio on the Nasdaq.

The S&P index recorded 12 new 52-week highs and 10 new lows, while the Nasdaq recorded 73 new highs and 78 new lows. Beijing announced Wednesday it would counter the most recent round of US tariffs with its own. That compares with the 6.4 billion-share daily average for the past 20 trading days, according to Thomson Reuters data.

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