Here are five things you must know for Friday, Aug. 10:
1. -- Stocks Tumble Amid Turkey's Economic Crisis
U.S. stock futures tumbled on Friday, Aug. 10, and global stocks fell amid the ongoing collapse of the Turkish lira and concerns the country's economic and political crisis could spread to Europe and elsewhere.
Turkey's lira hit a fresh all-time low of 6.4915 against the dollar, extending its year-to-date plunge to around 30%, before paring the decline to 5.99 after a trade delegation of senior government officials left Washington on Thursday, Aug. 9, with no verifiable progress on the White House's decision to review Turkey's "duty free" access to the U.S. market. The turmoil is part of an ongoing spat with Turkey over the arrest of evangelical pastor Andrew Brunson, whom officials accuse of leading a failed 2016 coup.
The slump has driven investors into safe-have trades, lifting the U.S. dollar index to a 14-month high of 96.07 against a basket of six global currencies and driving benchmark 10-year U.S. Treasury yields to 2.897%.
Contracts tied to the Dow Jones Industrial Average I:DJI fell 99 points on Friday, futures for the S&P 500 undefined tumbled 111.75 points, and Nasdaq I:IXIC futures fell 36.75 points. The tech-heavy Nasdaq closed higher on Thursday, Aug. 9, for an eighth straight session, its longest winning streak since October.
2. -- Markets to Monitor Consumer Prices
The economic calendar in the U.S. on Friday includes the Consumer Price Index for July at 8:30 a.m. ET.
Economists expect CPI to rise 0.2% in July following an increase of 0.1% in June. Year-on-year rates for July are expected at a 3% pace - the first time in more than six years, according to economists.
CPI is a closely watched indicator since it could affect the rate at which the Federal Reserve boosts interest rates.
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3. -- Tesla's Board to Meet With Bankers
Tesla shares had given back all of their gains since Musk tweeted Tuesday that he was considering taking the company private at $420 a share.
Musk's actions are reportedly under review by the Securities and Exchange Commission.
- Tesla Shares Jump in Late Trade on Report of Board Plan to Meet With Bankers
- Tesla Shares Bounce Higher as Musk's 'Take Private' Tweet Saga Rolls On
Reuters, citing people familiar with the matter, reported that Tesla's board hasn't yet received a detailed financing plan from Musk, and is seeking more information about how he will take the company private in a proposed deal worth $72 billion.
Separately, Doug Field, who left Apple Inc. (AAPL) - Get Apple Inc. (AAPL) Report in 2013 to join Tesla has made his way back to the tech giant. A report from Daring Fireball said Field was returning to Apple to work alongside Bob Mansfield on Apple's Project Titan car team.
4. -- Dropbox Slumps as Chief Operating Officer to Depart
Shares of Dropbox Inc. (DBX) - Get Dropbox, Inc. Class A Report fell 7.4% in premarket trading despite the cloud-storage company posting second-quarter earnings and revenue that beat analysts' expectations.
Adjusted earnings in the quarter were 11 cents a share, topping estimates by 5 cents. Revenue rose 27% from a year earlier to $339.2 million and came in higher than estimates of $331 million.
The company said it had 11.9 million paying users at the end of the second quarter, up from 9.9 million in the same period in 2017.
Dropbox also announced Chief Operating Officer Dennis Woodside would be departing. He will leave early next month but serve as an adviser through the end of 2018.
TheStreet chatted with Woodside the day Dropbox went public. Hear what he had to say here.
5. -- Pumpkin Spice Latte Is Back Early in 2018
Business Insider said an internal announcement of Starbucks' fall menu showed that the latte's return is scheduled for Aug. 28, the Tuesday before Labor Day weekend.
Starbucks declined to comment on the launch date. A company representative told Business Insider in an email: "Our pumpkins aren't ready to make their handcrafted PSL debut yet - we'll have more to share soon!"
Pumpkin Spice Latte's early release date last year was Sept. 1, with the official launch coming Sept. 5.