Wall Street opens sharply lower on trade worries

US stock indices opened the last session of the week lower as investors price in trade and political tensions between US and other countries, with President Donald Trump authorizing new tariffs against Turkish imports amid a diplomatic dispute between the two, while the US Department of State announced a new wave of sanctions against Russia starting August 22, as America and China deepen their ongoing trade war with new threats and sanctions announced this week. 

Earlier US data showed consumer prices rose 0.2% m/m in July as expected, accelerating from 0.1% in June, while core prices, excluding food and energy, rose 0.2% as expected with no change from June. 

On a yearly basis, consumer prices rose 2.9% as expected with no change as well, while core prices accelerated to 2.4% from 2.3%. 

The dollar index has strengthened considerably against major currencies, heading for the third weekly profit in a row on prospects of two more Federal Reserve rate hikes this year. 

Stock Performance 

As of 02:14 GMT, Standard and Poor's 500 fell 0.54%, or 15.55 points to 2,838.03, while Dow Jones tumbled 0.80%, or 203.60 points to 25,305.63. 

Tech-heavy NASDAQ slid 0.43%, or 34.13 points to 7,857.65.