Stock market news: Opening bell, August 17, 2018

Men
look at an electronic board showing stock market information at a
brokerage house in Beijing, China.
Reuters/Kim Kyung-Hoon/File Photo

Here is what you need to know.

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 does not release 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 $71 billion Grantham, Mayo, &
van Otterloo, tells Business Insider’s Joe Ciolli that he was
convinced a severe stock-market bubble burst earlier this year —
until President Donald Trump’s trade war injected skepticism into
the market — and that 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 plans
on keeping his dual roles, but 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 sees third-quarter revenue of around $3.25
billion, down from its previous estimate of $3.34 billion,
sending shares lower by about 6% in after-hours trading. 

Walmart’s surging stock added $12 billion to the Walton family’s
wealth. The Walton family saw its net worth
surge to $163.2 billion Thursday — up $11.6 billion — after
Walmart shares jumped more than 9% on the retailer’s earnings
beat, according to Bloomberg’s Billionaires Index.

JCPenney tumbles to an all-time low. Shares
cratered more than 27% on Thursday to a record low of $1.75
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%.