Wall Street set for a sharp drop at the open as Turkey concerns persist

Futures were lower this morning as investors focused on the ongoing situation in Turkey. The Dow and S&P 500 had their first gains in five sessions yesterday, with the Nasdaq higher for the first time in three days. (CNBC)

* Turkey slashes capacity of banks to bet against struggling lira (CNBC)

Warren Buffett's conglomerate in Goldman Sachs (GS), Teva Pharmaceutical (TEVA) and Apple (AAPL) during the second quarter, according its quarterly SEC filing. (CNBC)

Amazon (AMZN) disclosed in its latest quarterly report that it now owns $1 billion worth of stock in public and private companies. That's up 60 percent from the year-ago period and a 163 percent increase from the same quarter of 2016. (CNBC)

It's a busy morning for economic numbers, starting with three reports at 8:30 a.m. ET: retail sales for July, the first read on second quarter productivity and New York Fed's Empire State Manufacturing data. At 9:15 a.m. ET, the July read on industrial production is expected. At 10 a.m. ET, there's data on business inventories and National Association of Home Builders. (CNBC)

* Small-business confidence hits another record high under Trump: CNBC/SurveyMonkey

Retailer Macy's (M) headlines this morning's corporate earnings reports, while Dow component Cisco Systems (CSCO) will release its quarterly report after today's closing bell. (CNBC)

Turkey has announced , raising duties on American booze to 140 percent, cars to 120 percent and tobacco to 60 percent, ramping up what has become a bitter dispute between the two NATO allies. (CNBC)

* (CNBC)
* Turkey shifts toward Russia as sanctions sour US relations (WSJ)

South Korea's leader, Moon Jae-in, called for a single economic community between North and South Korea today, saying that closer railway, energy and economic cooperation would bring peace and prosperity to Northeast Asia. (USA Today)

Politico has learned that the Trump administration is preparing to unveil a proposal for coal-burning power plants that would give states wide latitude to write their own modest regulations for coal plants or even seek permission to opt out.

At a news conference, White House Press Secretary Sarah Huckabee Sanders apologized for the false statement that Trump created three times as many jobs for African-American workers as President Barack Obama did. (Washington Post)

Paul Manafort's lawyers made a tactical decision to not call any witnesses in their client's defense. Manafort's team could be pinning their hopes on discrediting the testimony against Manafort by his former business associate Rick Gates. (CNBC)

Several female candidates are poised to make history this fall after Tuesday's primary in four states. USA Today has some key takeaways from races in Wisconsin, Minnesota, Connecticut and Vermont.

* Christine Hallquist, a transgender woman, wins Vermont governor's primary (NY Times)

A searing report issued by a grand jury said bishops and other leaders of the Roman Catholic Church in Pennsylvania for decades covered up child sexual abuse by more than 300 priests. (NY Times)

Members of Tesla's (TSLA) board are scrambling to control a chief executive who some directors think is out of control. They reportedly want Elon Musk to stop tweeting. (NY Times)

* Tesla needs an 'adult' to step in, corporate communications expert says (CNBC)

CNBC learned that Apple (APPL) is beefing up a team to explore . The effort hints at Apple's ability to pump out custom chips on an as-needed basis, reflecting a greater level of vertical integration than other tech companies.

Verizon (VZ) will offer customers who sign up for its new 5G internet service a free Apple TV box and a subscription to Google's YouTube streaming television service. (CNBC)

Edward Lampert, CEO of Sears (SHLD), has offered to buy the company's Kenmore brand for $400 million in cash, according to a letter Lampert sent to the Sears board. (WSJ)

Twitter (TWTR) told CNBC that it of right-wing media personality Alex Jones for violating its policies. Jones will reportedly be blocked from posting for seven days because of a post that linked to a policy-violating video.

U.S. shares of Canada-based Canopy Growth (CGC) were soaring about 20 percent in premarket trading after spirits giant Constellation Brands (STZ) agreed to put an additional $4 billion into the cannabis company, expanding their strategic partnership.

Energen (EGN) will be bought by Diamondback Energy (FANG) in an all-stock transaction worth about $8.4 billion, excluding debt. Diamondback said the combination of the two energy producers should save at least $3 billion in expenses over time.

GlaxoSmithKline's (GSK) long-acting monthly injection for HIV treatment proved as effective as standard daily pills in a clinical trial.

Express Scripts (ESRX) is in talks with biotech companies Biomarin Pharmaceuticals (BMRN), Spark Therapeutics (ONCE) and Bluebird Bio (BLUE) to distribute new hemophilia therapies, according to a Reuters interview with Chief Medical Officer Steve Miller.

Walmart (WMT) will collaborate with comedian Ellen DeGeneres on a new women's fashion line.

Yum China (YUMC) is a possible target of a variety of investment firms, including China's Hillhouse Capital, according to a Reuters report. Yum China shares had risen 4 percent yesterday on a Bloomberg report that China Investment Corp. and others were interested in the restaurant operator.

BlackRock (BLK) saw Soros Fund Management significantly boost its stake in the asset management firm during the second quarter, according to an SEC filing. The fund's BlackRock stake increased by nearly 60 percent to about 13 thousand shares.

Lockheed Martin (LMT) was awarded an U.S. Air Force contract for three missile warning satellites, worth up to $2.9 billion.

Bud Light has something special for fans of the Cleveland Browns. They've created Cleveland Browns Victory Fridges, which are internet-connected fridges that will only open when the Browns manage to snap their win-less streak. (The Verge)