Megan Higgins, manager at Adviser Investments, has the market analysis for Friday, August 10. U.S. and global markets declined in response to the Turkish lira’s steep value reduction (down 50% against the U.S. dollar thus far this year). Turkey currently ranks as the 17th largest global economy; however, its impact on U.S. companies is significantly less than those in the euro zone. Meanwhile, the Consumer Price Index was released, indicating annualized growth just under 3%. We also saw Dropbox fall 10% in early trading—despite beating second quarter earnings and revenue expectations—following the announced departure of Chief Operating Officer Dennis Woodside.
