U.S. stocks moved sharply lower on Friday as Turkey’s economic woes sparked risk-off sentiment.
Still, Matthew Cheslock, an equity trader with Virtu Finanical, based on the floor of the New York Stock Exchange, urged investors to keep Turkey’s woes in perspective. He said Turkey’s economy is worth $860 billion, less than Apple’s $1 trillion market cap.
Plus, Dropbox shares slumped amid the departure of its Chief Operating Officer, even though the company posted 27% year-over-year revenue growth for its most recent quarter.
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