Will the Brexit battle hurt US stocks?
Think Markets UK Chief Markets Analyst Naeem Aslam and Thatcher Center for Freedom Director Nile Gardiner on whether the U.S. stock market will be affected by the Brexit battle.
Equity futures are giving back some gains the day after the S&P snapped a five day losing streak.
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Dow Jones futures were lower by 0.29 percent. The S&P 500 slipped 0.42 percent and the Nasdaq Composite was down 1 percent.
In Europe, markets bounced back from the Brexit bruising they’ve taken this week.
London’s FTSE traded up 0.2 percent, Germany’s DAX is gaining 0.5 percent and France’s CAC added 0.3 percent.
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| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25289.27 | +208.77 | +0.83% |
| SP500 | S&P 500 | 2730.2 | +28.62 | +1.06% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7259.0317 | +122.64 | +1.72% |
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Stocks closed near session highs on Thursday amid another volatile session. The Dow Jones Industrials climbed back from losses to gain 208.77 points or 0.8 percent, the Nasdaq Composite and the S&P 500 captured gains of over 1 percent each.
The catalyst for the turnaround in stocks was linked to optimism that the U.S. is expected to suspend the next round of tariffs against China. These developments helped offset fears over unrest in Britain as Prime Minister Theresa May deals with cabinet defections.
In company news, Walmart, the world’s biggest retailer, said its third-quarter adjusted earnings per share (EPS) beat Wall Street expectations, but revenue was a miss. Revenue was $124.9 million, less than the $125.5 million analysts polled by Refinitiv expected. EPS was $1.08, higher than the $1.01 that had been expected. The retailer also boosted its outlook. Still the shares fell.
J.C. Penney shares popped even though the company gave a not so cheery holiday forecast. New CEO Jill Soltau outlined a plan to help turnaround the struggling retailer which has lost 61 percent of its value this year.
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In Asian markets on Friday, Japan’s Nikkei fell as a drop in semiconductor-related stocks weighed after U.S. chip designer Nvidia disappointed the market with worse-than-expected earnings, while Nintendo also fell sharply.
The Nikkei average ended the day 0.6 percent lower and down 2.6 percent for the week.
China’s Shanghai Composite finished the session 0.4 percent higher, gaining 3.1 percent for the week.
Hong Kong’s Hang Seng index finished the day up 0.3 percent and up 2.3 percent for the week.
FOX Business’ Leia Klingel contributed to this article.
