August 13, 2018 / 11:35 AM / 8 months ago

US STOCKS-Futures drop on worries about Turkey currency crisis

* Futures down: Dow 0.3 pct, S&P 0.27 pct, Nasdaq 0.26 pct

By Amy Caren Daniel

Aug 13 (Reuters) - U.S. stock index futures fell on Monday as a meltdown in Turkish lira weighed on shares of big U.S. lenders and triggered a widespread selloff in global equities.

Worries about President Tayyip Erdogan’s influence over the economy and worsening ties with the United States have sent the currency down more than 40 percent against the dollar this year.

The latest crash persuaded investors to dump equities and flee to safer assets such as government bonds and the dollar.

The downbeat mood in the markets was a continuation from Friday, when U.S. bank stocks took a beating as investors fretted over their exposure to Turkey.

Wells Fargo dropped 0.9 percent in premarket trading on Monday, Citigroup slipped 0.7 percent, Bank of America fell 0.7 percent.

At 7:22 a.m. ET, Dow e-minis were down 76 points, or 0.3 percent. S&P 500 e-minis were down 7.75 points, or 0.27 percent and Nasdaq 100 e-minis were down 19.5 points, or 0.26 percent.

If the losses hold, the S&P 500 is set to post its fourth straight session of declines, the first time since mid-March. Still, the index is just 1.34 percent away from a record high hit in late January.

Nielsen Holdings jumped 10.4 percent after the Wall Street Journal reported that activist investor Elliott Management took a large stake in the TV-ratings company.

Mylan climbed 0.9 percent after RBC upgraded the stock to “outperform”.

Goodyear Tire & Rubber fell 2.8 percent in low volumes after brokerage Morgan Stanley downgraded the stock to “equal-weight”. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur)

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