Stocks close lower amid Turkish currency crisis

Getty Images / Mario Tama

Stocks were lower Monday as a currency crisis in Turkey roiled
global markets. The dollar
rallied, and Treasury yields inched higher. 

Here’s the scoreboard:

Dow Jones industrial
average: 25,186.75 −126.39 (-0.50%)

S&P
500: 2,824.81 −8.47
(-0.30%)

Nasdaq
Composite : 7,819.71 −19.40
(-0.25%)

1. The Turkish lira
   hit another record low. The lira shed another
   8% to below 7 per dollar after a double-digit percentage slide
   Friday. President Recep Tayyip Erdogan, an opponent of interest
   rates who has wielded more influence over Turkey’s central bank
   this year, continued to blame the sell-off on external forces
   like Washington. 
2. Contagion risks
   seem to be rising. Markets worry the sell-off,
   which shows little to no signs of slowing, could spill over to
   other countries. Several emerging market currencies have
   already taken hits, including the South African rand, Russian
   ruble, and Mexican peso.
3. Facing scrutiny for possibly violating federal
   securities law,
   Tesla CEO Elon Musk
   tried to explain his “funding secured” tweet from last
   week. He wrote in a blog post that after leaving a
   meeting with Saudi Arabia’s public investment fund — which has
   already amassed a 5% stake in Tesla — he was confident that a
   deal could be closed.

And a look at the upcoming economic calendar:

• Employment and earnings data are out in the UK. 
• The US reports retail sales and new housing construction
  numbers.
• Walmart reports earnings.