U.S. stocks dropped on Monday as global jitters from Turkey’s plummeting currency spread to Wall Street, with the S&P 500 and the Dow falling for the fourth session in a row.

A pledge by Turkey’s central bank to stabilize the plummeting lira failed to calm investors’ nerves. The currency has dropped 40 percent against the dollar so far this year.

• Turkey’s worsening currency crisis sent world equities lower and cut into the value of emerging market stocks and currencies on Monday, while boosting the prices of German bonds and other stable assets.

• The MSCI world equity index, which tracks shares in 47 countries, was down 0.8 percent on the day and 1.8 percent since Friday’s open as the Turkish lira plunged to a record low, forcing the country’s finance minister to announce an economic action plan to ease nerves.

• The lira has tumbled on worries over President Tayyip Erdogan’s increasing control over the economy and deteriorating relations with the United States. It fell as much as 12 percent at one stage on Monday, then recovered to a loss of 8.5 percent.

• Asian shares recorded gains on Tuesday, with regional markets mostly bouncing back one day after declining over jitters related to economic uncertainty in Turkey. Ahead, a barrage of economic data out of China is expected later in the day.

The Nikkei 225 rose 1.14 percent, with most sectors trading higher after the yen gave up some of its recent strength amid safe haven demand on uncertainty in Turkey. The yen traded at 110.71 to the dollar at 8:04 a.m. HK/SIN, compared to levels around the 110.3 handle seen during Asia Monday trade.

Exporters, including automakers and tech names, bounced back, with Toyota Motor up 0.91 percent.

Elsewhere, South Korea's Kospi edged higher by 0.11 percent. Tech names were a mixed bag, with LG Electronics dropping 6.29 percent, while manufacturing names mostly climbed in morning trade.

Reference: Reuters, CNBC