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Chinese stocks tank to their lowest level since January 2016. China’s Shanghai Composite fell 1.34% on Friday, settling at its lowest level since January 28, 2016, as trade-war fears and a domestic deleveraging campaign by Chinese authorities weighed.
The lira is tumbling after the US said it’s ready to kick its battle against Turkey up a notch. The Turkish lira plunged as much as 8.77% Friday morning after US Treasury Secretary Steven Mnuchin threatened further sanctions against Turkey if it did not release the detained American pastor Andrew Brunson.
The legendary investor who predicted the past 2 bubbles breaks down how the 9-year bull market will end. Jeremy Grantham, the cofounder and chief investment strategist at the $US71 billion Grantham, Mayo, & van Otterloo, tells Business Insider’s Joe Ciolli that earlier this year he was convinced a severe stock-market bubble burst was coming – until President Donald Trump’s trade war injected scepticism into the market. Still, he thinks considerable pain for investors may still be in store.
The biggest tech companies are about to undergo a major reshuffling on the stock market. On September 28, S&P Dow Jones Indices and GICS will create a new sector for tech, media, and telecoms companies that will include Facebook and Netflix.
Elon Musk says he has no plans to step down as Tesla chairman and CEO. Musk told The New York Times that he planned on keeping his dual roles, but he added: “If you have anyone who can do a better job, please let me know. They can have the job.”
Nvidia cuts its guidance. The chipmaker said Thursday that it saw third-quarter revenue of about $US3.25 billion, down from its previous estimate of $US3.34 billion, sending shares lower by about 6% in after-hours trading.
Walmart’s surging stock added $US12 billion to the Walton family’s wealth. The Walton family saw its net worth surge to $US163.2 billion Thursday – up $US11.6 billion – after Walmart shares jumped more than 9% on the retailer’s earnings beat, according to Bloomberg’s Billionaires Index.
J.C. Penney tumbles to an all-time low. Shares cratered more than 27% on Thursday to a record low of $US1.75 apiece after the retailer missed Wall Street estimates for the second quarter and slashed its guidance.
Earnings reports trickle out. Deere reports ahead of the opening bell.
US economic data is light. University of Michigan consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.84%.
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