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The Dow Jones Industrial Average toppled 201.65 points to 25,307.58, as Intel declined.
The S&P 500 fell 16.45 points to 2,837.01, as financials lagged
The NASDAQ suffered 40.68 points to 7,851.10. Friday's drop comes a day after the NASDAQ scored its longest winning streak in close to a year, boosted by positive trade out of tech stocks including Amazon and Apple.
Intel shares declined nearly 3% after Goldman Sachs lowered its rating on the chipmaker, citing manufacturing issues.
Bank shares led the way lower in the U.S. as Bank of America, Goldman Sachs, Morgan Stanley and J.P. Morgan Chase all dropped more than 1%. Tech shares also fell as Facebook, Alphabet and Amazon all declined.
The lira fell 20% after President Donald Trump authorized the doubling of metals tariffs on Turkey.
Trump's comment came after Turkish President Recep Tayyip Erdogan asked citizens to "change the euros, the dollars and the gold that you are keeping beneath your pillows into lira," noting this is "a domestic and national struggle."
The Consumer Price Index rose 0.2% last month, the U.S. Labor Department said Friday. Meanwhile, "core CPI" hit 2.4% in July, that figure’s highest since September 2008.
Prices for the benchmark for the 10-year U.S. Treasury gained sharply, lowering yields to 2.89% from Thursday’s 2.93%. Treasury prices and yields move in opposite directions
Oil prices gained 68 cents to $67.49 U.S. a barrel.
Gold prices improved $4.10 to $1,224 U.S. an ounce.
