US STOCKS-Wall St falls amid Turkey woes; banks, tech decline

* Trump doubles tariffs on Turkish steel and aluminum

* Turkish lira falls; dollar strengthens

* Intel (Euronext: INCO.NX - news) falls after downgrade; pressures chip sector

* Indexes down: Dow 1.1 pct, S&P 0.9 pct, Nasdaq (Frankfurt: 813516 - news) 0.8 pct (Updates to late afternoon)

By Caroline Valetkevitch

NEW YORK, Aug 10 (Reuters) - U.S. stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.

A drop in technology shares added to the bearish tone. The S&P technology index fell 1 percent, with Intel down 2.8 percent after Goldman Sachs (NYSE: GS-PB - news) downgraded the stock to "sell".

Microchip Technology shares fell 11.6 percent after disappointing second-quarter revenue forecast.

A slump in the Turkish lira worsened after President Donald Trump doubled tariffs on steel and aluminum imported from the country.

Investors fled to safe-haven assets, pushing the dollar higher and weighing on U.S. bond yields.

"It was a classic risk-off move," said Quincy Krosby, chief market strategist at Prudential Financial (NYSE: PJH - news) in New Jersey. "You worry about the collateral damage. You worry about the effects on Europe. You have banks losing because the 10-year U.S. Treasury came down."

The S&P financial index fell 1.4 percent, among the biggest drags on the S&P 500. Citigroup (NYSE: C - news) , the most global of the major U.S. banks, fell 2.7 percent. JPMorgan (LSE: JPIU.L - news) , Wells Fargo (Swiss: WFC-USD.SW - news) and Bank of America (Swiss: BAC-USD.SW - news) were also lower.

At 2:47 p.m. (1847 GMT), the Dow Jones Industrial Average was down 270.25 points, or 1.06 percent, to 25,238.98, the S&P 500 had lost 25.21 points, or 0.88 percent, to 2,828.37 and the Nasdaq Composite had dropped 65.17 points, or 0.83 percent, to 7,826.61.

Shares (Berlin: DI6.BE - news) of trade-sensitive companies also declined, including Boeing (NYSE: BA - news) , 3M and Caterpillar (LSE: 0Q18.L - news) , which were all down at least 1.4 percent.

Data on Friday showed U.S. consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.

Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners.

The S&P 500 posted 12 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 82 new highs and 88 new lows. (Additional reporting by James Thorne in New York and Amy Caren Daniel in Bengaluru; Editing by Anil D'Silva and James Dalgleish)