Midday Update: Stocks Lower After Turkish Rate Cut Fails To Halt Emerging Market Sell-Off

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The Dow Industrials and the Nasdaq Composite indices fell to seven-week lows today as the feeding frenzy in emerging markets continues to infiltrate trader sentiment. Although stocks have climbed off their worst levels of the day, the U.S. markets still have erased nearly all of yesterday's gains after an aggressive rate hike in Turkey overnight failed to halt the sell-off in the Turkish lira, rekindling worries about slower global economic growth.

The fragile situation overseas also is throwing into question the potential impact of the Federal Open Markets Committee likely voting this afternoon for another reduction in its bond-buying stimulus program on the economies of developing nations.

European markets also were caught up in the global pressure on equities, with stock markets across the continent all closing lower. Despite a sizeable increase in a German measure of consumer sentiment, investors soured on EU-zone markets in sympathy with U.S. markets and expectations for FOMC action to drive U.S. Treasury yields higher than their European counterparts.

Crude oil was down $0.49 to $96.94 per barrel. Natural gas was up $0.09 to $5.03 per 1 million BTU. Gold was up $13.90 to $1,264.40 an ounce, while silver was up $0.16 to $19.67 an ounce. Copper was down $0.01 to $3.24 per pound.

Among energy ETFs, the United States Oil Fund was down 0.12% to $34.65 with the United States Natural Gas Fund was up 2.85% to $24.87. Amongst precious-metal funds, the Market Vectors Gold Miners ETF was up 1.69% to 23.71 while SPDR Gold Shares were up 0.84% to $121.97. The iShares Silver Trust was up 0.48% to $18.94.

Here's where the markets stand at mid-day:

NYSE Composite Index down 42.91 (-0.43%) to 10,023.94

Dow Jones Industrial Average down 126.03 (-0.79%) to 15,802.53

S&P 500 down 9.82 (-0.55%) to 1,782.68

Nasdaq Composite Index -15.85 -0.38% 4082.12

GLOBAL SENTIMENT

Nikkei 225 Index up 2.70%

Hang Seng Index up 0.82%

Shanghai China Composite Index up 0.56%

FTSE 100 Index down 0.43%

CAC 40 down 0.68%

DAX down 0.75%

NYSE SECTOR INDICES

NYSE Energy Sector Index down 0.25%

NYSE Financial Sector Index down 0.43%

NYSE Healthcare Sector Index down 0.50%

UPSIDE MOVERS

(+) VRNG (+29.22%) U.S. District court rules Google ( GOOG ), AOL ( AOL ) and others should pay the company an ongoing royalty rate of 6.5% for infringement of patents owned by its I/P Engine unit.

(+) ONVO (+16.53%) Delivered the first 3D liver tissue delivery to a so-called key opinion leader for experimentation.

(+) GTXI (+8.57%) Positive results from prostate cancer treatment GTx-758

DOWNSIDE MOVERS

(-) YHOO (-6.31%) Non-advertising revenue reported in Q4 earnings late Tuesday fell more than expected.

(-) FLDM (-8.76%) Plans to sell $175 million in convertible senior notes.

(-) PGNX (-18.06%) Drops ahead of discussion on prostate cancer compounds.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AOL , GOOG

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