Stocks fell on Friday as geopolitical concerns pushed the Turkish lira to a record low against the dollar.
The Dow Jones Industrial Average dropped more than 100 points as Intel declined 3.3 percent. The S&P 500 fell 0.6 percent as financials and tech lagged. The Nasdaq Composite also pulled back 0.6 percent.
Bank shares led the way lower in the U.S. as Bank of America, Goldman Sachs, Morgan Stanley and J.P. Morgan Chase all dropped more than 1 percent. Tech shares also fell as Facebook , Alphabet and Amazon all declined.
The lira fell more than 18 percent after President Donald Trump authorized the doubling of metals tariffs on Turkey.
Trump’s comment came after Turkish President Recep Tayyip Erdogan asked citizens to “change the euros, the dollars and the gold that you are keeping beneath your pillows into lira,” noting this is “a domestic and national struggle.”
Turkish stocks also fell on Friday as the iShares MSCI Turkey ETF dropped 18.2 percent. The ETF was already down 42.3 percent this year prior to Friday’s losses.
The drop came after a Turkish delegation returned from Washington with no apparent progress being made on the detention of Andrew Brunson, an American pastor detained in Turkey in 2016. Turkish authorities accuse Brunson of supporting a failed coup attempt earlier that year.