Stock market news: Opening bell, August 14, 2018

A
worker checks a 500 Indian rupee note as a man fills diesel in
containers at a fuel station in Kolkata,
India.
Reuters/Rupak De
Chowdhuri

Here is what you need to know. 

The Turkish lira has stabilized.The lira is up 4.5%
at 6.5730 per dollar. It’s still down 73% this year. 

The Indian rupee hits a record low. The rupee
fell to 70.08 per dollar early Tuesday as Turkey’s currency
crisis spilled over into other emerging markets. 

UK unemployment rate sinks to lowest level in over 40
years. The unemployment rate in the UK hit 4%
between April and June, making for the lowest print since
comparable records began in the early 1970s — according to data
released Tuesday by the Office for National Statistics.

Bitcoin slides below $6,000 as crypto sell-off
continues. Bitcoin, the largest cryptocurrency
by market value, hit a low of $5,887 late Monday before paring
its losses. 

Investors have turned complacent and are in danger of being
sideswiped by a ‘likely correction.’ Morgan
Stanley warns investors are pricing in the continuation of strong
economic growth, but aren’t paying up to hedge against a market
downturn.

Elon Musk reveals he is working with Goldman Sachs and Silver
Lake to help take Tesla private. “I’m excited
to work with Silver Lake and Goldman Sachs as financial advisors,
plus Wachtell, Lipton, Rosen & Katz and Munger, Tolles &
Olson as legal advisors, on the proposal to take Tesla private,”
Tesla’s CEO tweeted Monday evening. 

Carl Icahn has changed his mind on Cigna’s $52 billion
purchase of Express Scripts. The activist
investor told CNBC that blocking the deal would be impossible and
that “there’s no point in fighting just to fight.”

Stock markets
around the world are gaining ground. Japan’s
Nikkei (+2.28%) saw big gains in Asia and Germany’s DAX (+0.23%)
leads in Europe. The S&P 500 is set to open up 0.46% near
2,835.

Earnings reporting remains slow. Home Depot
reports ahead of the opening bell.

US
economic data trickles out. Import and export
prices will cross the wires at 8:30 a.m. ET. The US 10-year yield
is up 2 basis points at 2.90%.