Traders Richard Deviccaro, center, and Joseph Dente, right, work on the floor of the New York Stock Exchange, Friday, Aug. 10, 2018. Stocks are opening moderately lower on Wall Street following steeper... (Associated Press) 
 
 Traders Richard Deviccaro, center, and Joseph Dente, right, work on the floor of the New York Stock Exchange, Friday, Aug. 10, 2018. Stocks are opening moderately lower on Wall Street following steeper losses in Europe, where investors worried about a sharp drop in Turkey's currency. (AP Photo/Richard... (Associated Press) 
 
 Traders Richard Deviccaro, center, and Joseph Dente, right, work on the floor of the New York Stock Exchange, Friday, Aug. 10, 2018. Stocks are opening moderately lower on Wall Street following steeper losses in Europe, where investors worried about a sharp drop in Turkey's currency. (AP Photo/Richard... (Associated Press) Traders Richard Deviccaro, center, and Joseph Dente, right, work on the floor of the New York Stock Exchange, Friday, Aug. 10, 2018. Stocks are opening moderately lower on Wall Street following steeper... (Associated Press) 
 
 NEW YORK (AP) — The latest on developments in financial markets (all times local): 
 
 4 p.m. 
 
 Stocks in the U.S. and Europe skidded as investors worried about the financial stability of Turkey and how it might affect the global financial system. 
 
 Investors sold stocks and bought U.S. dollars and government bonds Friday. 
 
 That sent bond yields lower, which hurts U.S. banks by driving down rates on mortgages and other loans. JPMorgan Chase lost 1 percent. 
 
 The dollar also rose against other currencies as the Turkish lira nosedived. 
 
 Major exporters like technology, basic materials and industrial companies sank. 
 
 The S&P 500 index fell 20 points, or 0.7 percent, to 2,833. 
 
 The Dow Jones Industrial Average fell 196 points, or 0.8 percent, 25,313. The Nasdaq composite fell 52 points, or 0.7 percent, to 7,839. 
 
 Bond prices rose. The yield on the 10-year Treasury note fell to 2.87 percent. 
 
 ___ 
 
 11:45 a.m. 
 
 Stocks are moving lower in midday on Wall Street following steeper losses in Europe, where investors worried about a sharp drop in Turkey's currency. 
 
 The dollar and bond prices rose Friday as investors shifted money into lower-risk assets. 
 
 U.S. banks fell in tandem with bond yields. JPMorgan Chase lost 1 percent. 
 
 Online storage company Dropbox sank 7.5 percent after its chief operating officer left. 
 
 The S&P 500 index fell 13 points, or 0.5 percent, to 2,839. 
 
 The Dow Jones Industrial Average fell 166 points, or 0.6 percent, 25,342. The Nasdaq composite fell 32 points, or 0.4 percent, to 7,859. 
 
 Bond prices rose. The yield on the 10-year Treasury note fell to 2.87 percent. 
 
 ___ 
 
 9:35 a.m. 
 
 Stocks are opening moderately lower on Wall Street following steeper losses in Europe, where investors worried about a sharp drop in Turkey's currency. 
 
 The dollar and bond prices rose in early trading Friday as investors shifted money into lower-risk assets. 
 
 U.S. banks fell in tandem with bond yields. JPMorgan Chase lost 1.5 percent. 
 
 Online storage company Dropbox sank 9.1 percent after its chief operating officer left. 
 
 The S&P 500 index fell 15 points, or 0.6 percent, to 2,837. 
 
 The Dow Jones Industrial Average fell 180 points, or 0.7 percent, 25,324. The Nasdaq composite fell 40 points, or 0.5 percent, to 7,849. 
 
 Bond prices rose. The yield on the 10-year Treasury note fell to 2.89 percent. ||||| U.S. stocks closed lower Monday, with the S&P 500 and the Dow Jones Industrial Average down for a fourth straight session as the ongoing turmoil in Turkey dampened investors’ appetite for riskier assets. 
 
 While the U.S. doesn’t have much direct economic exposure to the country, instability in the region sparked concerns that its problems could spill over to other parts of the world, exacerbating the uncertainty surrounding trade relations between the U.S. and its major trading partners. 
 
 How did the benchmarks fare? 
 
 The Dow Jones Industrial Average DJIA, +1.38% shed 125.44 points, or 0.5%, to 25,187.70. The S&P 500 SPX, +1.32% fell 11.35 points, or 0.4%, to 2,821.93, with energy and materials sectors among the biggest losers. The Nasdaq Composite Index COMP, +1.03% wove in and out of negative territory all day and finished down 19.40 points, or 0.3%, to 7,819.71. 
 
 What drove the market? 
 
 U.S. investors continued to closely monitor developments in Turkey. The Turkish central bank pledged in a statement Monday to provide “all the liquidity the banks need.” It also said banks would be able to borrow foreign-exchange deposits from the central bank at one-month and one-week maturities. Analysts said Turkey’s reluctance to raise interest rates stood out. 
 
 However, those events failed to curb concern about possible contagion from Turkey’s currency crisis, with market participants fretting that the tumble in the lira USDTRY, -0.3665% could ripple though financial markets, hurting emerging-market economies. Concerns also remain about exposure of European banks to a weakening lira. 
 
 The Turkish lira extended its slide, with one dollar buying 6.974 lira, compared with 6.427 lira late Friday, a decline of 6.4% for the currency after a double-digit plunge Friday. At the lira’s lows, a dollar bought 7.131 lira. 
 
 Read: Strategists see 4 ways out of Turkey’s currency crisis 
 
 Don’t miss: As goes trade, so goes the stock market, Goldman warns 
 
 What were market participants saying? 
 
 “We’re going through a rolling crisis phase. Markets have become so stretched in terms of nerve that any headline risk becomes a source of investor angst. I don’t see Turkey as a significant risk, but investors are very worried about what the next headline risk is going to be,” said Tom Stringfellow, who oversees about $14 billion as chief investment officer for Frost Investment Advisors. 
 
 “The bottom line is that the volatility seen in overseas currency markets does not change the immediate picture for the stock market. The market continues to be driven by improving economic conditions. This is underscored by a report last week showing confidence among small businesses at an all-time record high, which bodes well for continued strength in the labor markets,” Bruce Bittles, chief investment strategist at Baird, said in a note. “The largest negative on the horizon is the reluctance of either the U.S. or China to back down from tariff threats, which could eventually lead to a slowing of global economic growth.” 
 
 What stocks were in focus? 
 
 Sysco Corp. SYY, +0.71% jumped 6.2% after it reported fourth-quarter results that topped expectations. 
 
 Twitter Inc. TWTR, +1.28% gained 2.5% after Citron Research issued a positive call on the social-media company and set a $52 price target. 
 
 Hologic Inc. HOLX, +2.37% slumped 4% after it said its Cynosure division would suspend marketing and distribution of its Vitalia TempSure device for the heating of vaginal tissue. 
 
 Dycom Industries Inc. DY, +2.82% plummeted 24% after it cut its second-quarter profit and sales outlook. 
 
 What were other markets doing? 
 
 European stocks retreated in unison and Asian markets were lower across the board with both regions viewed as vulnerable from Turkey’s financial problems. 
 
 Read: Turkey currency crisis underlines Europe’s banking woes 
 
 See: Turkish lira crisis sends shock waves across emerging-market funds 
 
 Gold US:GCZ8 settled sharply lower, after dropping to its lowest in over a year, while crude-oil prices CLK9, +2.65% fell 0.5%. 
 
 The U.S. dollar index DXY, +0.30% was mostly flat following three straight days of gains. 
 
 Mark DeCambre contributed to this report. 
 
 Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free Need to Know newsletter. Sign up here.
– Stocks in the US and Europe skidded as investors worried about the financial stability of Turkey and how it might affect the global financial system. The Dow Jones Industrial Average fell 196 points, or 0.8%, to 25,313, per the AP. The Nasdaq composite fell 52 points to 7,839, and the S&P 500 index fell 20 points to 2,833. A Turkish official, meanwhile, says President Trump's decision to double tariffs on Turkish steel and aluminum imports, which he announced on Twitter, lacked "state seriousness." It's the latest development in souring relations: The US slapped sanctions on two Turkish officials earlier this month over a detained American pastor. As for the markets, investors sold stocks and bought US dollars and government bonds Friday. That sent bond yields lower, which hurts US banks by driving down rates on mortgages and other loans. JPMorgan Chase lost 1%. The dollar also rose against other currencies as the Turkish lira nosedived. Major exporters like technology, basic materials, and industrial companies sank.