Stock Futures Rattled By Turkey Currency Scare

U.S. stock futures are significantly lower this morning, as a global currency crisis rattles markets. The Turkish lira has plummeted to a record low against the U.S. dollar, and Turkey President Recep Tayyip Erdogan called for citizens to convert their dollars, euros, and gold into lira amid an "economic war." President Donald Trump, meanwhile, tweeted that he "just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey," and said U.S.-Turkey relations "are not good at this time!"

Dow Jones Industrial Average (DJI) futures are down more than 100 points, while Nasdaq-100 Index (NDX) futures are sharply lower as well, putting a ninth straight gain in jeopardy. Elsewhere, the consumer price index (CPI) ticked 0.2% higher in July, on par with estimates, while the core CPI rose a year-over-year 2.4% -- the biggest increase since September 2008.

Continue reading for more on today's market, including:

• 2 streaming stocks streaking higher. 
• A FAANG partnership prompted a PRTY call option frenzy.
• This red-hot retail stock is flashing "buy."
• Plus, sales dreams deflate for Campbell's; the stock surging on a big blockchain investment; and a COO departure drops Dropbox stock.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 987,010 call contracts traded on Thursday, compared to 611,652 put contracts. The single-session equity put/call ratio stayed at 0.62, and the 21-day moving average remained at 0.62 as well.
2. Campbell Soup Company (NYSE:CPB) stock is down 2.1% in electronic trading, after J.P. Morgan Securities downgraded the food name to "underweight" from "neutral," saying a sale of the company is unlikely, despite recent pressure from Third Point. CPB stock has gained 30% since touching a five-year low of $32.63 on June 7, but it appears the rally has been halted by the shares' 200-day moving average.
3. Shares of Overstock.com Inc (NASDAQ:OSTK) are up 21% ahead of the bell, after the company said private equity firm GSR Capital is investing $374.5 million in its blockchain unit. The news overshadowed subpar second-quarter earnings, and prompted a price-target hike to $112 from $103 at D.A. Davidson -- roughly triple OSTK's close of $38.60 on Thursday. OSTK options traders were bracing for a big post-earnings move, and are now on track to test their 200-day moving average.
4. Dropbox Inc (NASDAQ:DBX) stock is down nearly 10% in electronic trading, after the company's COO Dennis Woodside announced his departure. The surprise announcement is overshadowing the software name's second-quarter earnings and revenue beat. Prior to today, Dropbox stock had a 21% lead in 2018, and touched a record high of $26.61 on July 31. 

5. The Baker-Hughes rig count and July's Treasury budget are expected today. There are no earnings of note. 

Turkish Lira Instability Reaches Asian, European Markets

Asian markets finished the day mostly lower on the back of Turkey’s financial instability, and amid a continued increase in global trade tensions. Japan’s Nikkei took the biggest hit, dropping off 1.3%, while South Korea’s Kospi shed 0.9%, after Samsung Electronics yesterday received an underwhelming reaction to its Galaxy Note 9 reveal. Hong Kong’s Hang Seng fell 0.8%, and China’s Shanghai Composite eked out a 0.04% gain.

Concerns over the Turkish lira's collapse are also dragging stocks in Europe lower at midday. At last check, London’s FTSE 100 is down 0.7%, and France’s CAC 40 has shed 1.3%. Meanwhile, Germany’s DAX is suffering the biggest loss, last seen 1.8% lower as a pilot strike at budget airliner Ryanair causes a slew of flight cancellations across Europe.