Wall Street flat as trade tensions mute earnings optimism

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Global stocks fell Friday, the euro declined and investors moved into the dollar amid fears that ongoing financial instability in Turkey will impact other markets. The S&P financial index.SPSY was down 0.6 percent.

The Dow Jones Industrial Average decreased 74.52 points, or 0.29 percent, to 25,509.23.

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

The Dow is up 46.65 points, or 0.2 percent.

The Nasdaq inched toward a record on the back of high-flying technology trio of Apple, Amazon and Microsoft, while gains in the Dow and the S&P 500 were limited as energy shares fell.

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The biggest drag on the S&P 500 was Booking Holdings, which fell 5 per cent after it forecast third-quarter profit below expectations. 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.

Rite Aid (RAD.N) fell 10.6 percent and was the most actively traded stock after the drug store chain and USA grocer Albertsons Cos ABS.N agreed to terminate their merger agreement. The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric auto maker private, according to data from financial technology and analytics firm S3 Partners. Nasdaq Composite futures have dropped 0.6%.

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.

"We have been in a tug of war between broadly positive economic conditions and the uncertainty of trade risk", said Bill Northey, senior vice president at U.S. Bank Wealth Management in Helena, Montana. That compares with the 6.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.

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