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Markets Now: Dow Drops 105 Points as Turkey Finally Matters

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Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns

The S&P 500 erased 0.075 point, or 0.03 per cent, to 2,857.70, Xinhua news agency reported.

The S&P 500 and Dow ended down slightly on Thursday as gains in Apple (AAPL.O) and Amazon (AMZN.O) were offset by losses in energy and financial shares.

The S&P 500 index slipped after coming within spitting distance of a record high following a four-day rise.

The Russell 2000 index of smaller-company stocks fell 4.08 points, or 0.2 per cent, to 1,686.80.

The benchmark index is less than half a percent shy of the record it hit January 26, while the Nasdaq was close to an all-time record as well.

Year to date, the Dow Jones has a gain of 4.29%, the S&P 500 has gained 7.73% and the Nasdaq Composite has a return of 14.74%.

Shares of Apple rose 1.1 percent, while those of Amazon were up 1.0 percent and Microsoft rose 0.3 percent. In corporate news, shares of Dropbox Inc. were lower after a second-quarter earnings report, which also included news that Chief Operating Officer Dennis Woodside was stepping down and a post-IPO lockup on shares would expire earlier than previously planned.

Chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry.

The S&P 500 was up 0.59 points, or 0.02 percent, at 2,858.29.

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

Data on Friday showed US consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.

Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners.

"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".

About 6.7 billion shares changing hands on US exchanges. That compares with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.

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