Donald Trump Stock Rally Fades; Hard Brexit Is Likely, S&P Says
The Donald Trump bounce seems to be fading with U.S. stock futures lower on Friday - plus stocks in London and Hong Kong are also falling. This after the Dow Jones Industrial Average closed at an all-time record high Thursday as investors embraced President Elect Trump. Meanwhile, Disney (DIS) - Get Report shares were higher in premarket trading, despite missing quarterly earnings estimates when it reported results Thursday. That's because the media giant expects earnings growth in each of the next two years, helping to calm investors' fears of declining ESPN subscribers amid the rise of cord cutting.
In other earnings news, Nordstrom (JWN) - Get Report shares were in focus after eclipsing Wall Street's quarterly estimates for both the top and bottom lines. Revenue of $3.54 billion rose 7% year-over-year. Nordstrom also raised its full year earnings guidance.
Plus, a new report from S&P says a hard Brexit is the most probable scenario for Great Britain, which voted back in June to withdraw from the European Union. A hard Brexit would cut off the nation's access to the European Union's single market, something experts say would devastate Britain's economy. TheStreet's Scott Gamm reports from the Nasdaq Market Site in Times Square.
