Stock market news: Opening bell, August 24, 2018

St.
Louis Federal Reserve Bank President James Bullard (C) and
Minneapolis Federal Reserve Bank President Neel Kashkari (L)
arrive at the Kansas City Federal Reserve Bank’s annual Symposium
at Jackson Hole, Wyoming.
Reuters/Ann
Saphir

Here is what you need to know. 

Jerome Powell speaks at Jackson Hole. But three
of the world’s most important central bankers — European Central
Bank President Mario Draghi, Bank of England Governor Mark
Carney, and Bank of Japan Governor Haruhiko Kuroda — won’t be in
attendance. 

China takes another step towards opening up its financial
markets. The China Banking and Insurance
Regulatory Commission on Friday scrapped foreign ownership limits
for banks and bad-debt managers, Bloomberg says. 

Turkey’s economic crisis has gone off the radar — but there’s a
huge chance it could get a whole lot worse. The
recent 25% plunge in the value of the Turkish lira has caused
credit growth to slow sharply, posing as a significant risk to
the country’s economy, HSBC economist Melis Metiner says. 

There’s a ‘boogeyman in the housing market’ that’s making it
tougher for Americans to own homes.  Americans
are spending the most money in almost a decade on mortgage
payments as a share of their incomes, according to Morgan
Stanley.

A major Tesla investor is urging Elon Musk not to take the
company private. ARK Investment Management —
which owns 580,000 shares of Tesla, worth roughly $163.84
million — says Tesla’s stock price could be worth $4,000 a share
but that it’ll never get there on private markets. 

Gap stumbles as same-store sales see a bigger-than-expected
drop. Shares fell nearly 7% in after hour’s
trading on Thursday after the retailer said same-store sales in
the second quarter fell 5%, worse then the 2.55% drop that was
expected, Reuters reports.

Eventbrite is going public. The ticketing website
didn’t say how much money it hopes to raise, but that it will use
the proceeds from an initial public offering to increase its
capitalization and financial flexibility and to pay off its debt,
which currently stands at $66.36 million, according to an S-1
filing out Thursday.

Stock markets
around the world are higher. Japan’s Nikkei
(+0.85%) posted solid gains in Asia and Britain’s FTSE (+0.22%)
leads in Europe. The S&P 500 is set to open up 0.23% near
2,863.

Earnings reporting is light. Foot Locker
reports ahead of the opening bell. 

US
economic data trickles out. Durable goods
orders will be released at 8:30 a.m. ET. The US 10-year yield is
up 1 basis point at 2.84%.