The Dow Jones Industrial Average was tracking for a higher open on Wall Street on Friday, a day after another record close. The S&P 500 also finished at a record Thursday. The Dow and S&P 500 were on pace to continue their weekly winning streaks, barring a major sell-off Friday. After just five November trading days, the Dow was already up 2.3% for the month and the S&P 500 was up 1.6%. In the bond market, Treasury yields were steady Friday morning after surging on Thursday the most since the election of President Donald Trump. The 10-year Treasury move brought the yield to its highest level since August. (CNBC)
There's disagreement in the White House over whether the U.S. and China agreed to roll back tariffs as part of an initial trade deal. Trump trade advisor Peter Navarro told Fox Business on Thursday evening, "There is no agreement at this time to remove any of the existing tariffs as a condition of the 'phase one' deal." White House economic advisor Larry Kudlow told Bloomberg, "If there's a 'phase one' trade deal, there are going to be tariff agreements and concessions." The notion that tariff relief might be on its way, put forward by Chinese officials, powered the stock market higher Thursday.
Dow stock Walt Disney was soaring 6% in the premarket after the media and theme park giant reported late Thursday quarterly earnings and revenue that beat expectations. The results come just days before the launch of the Disney+ video streaming service. Disney CEO Bob Iger told CNBC's Julia Boorstin post-earnings that Disney+ is "ready to go" for Tuesday's rollout. Iger also said Disney+ will be distributed on Amazon's Fire TV. Amazon said its customers can sign up for a seven-day free trial before being charged $6.99 per month.
Gap shares were sinking about 9% in premarket trading after the struggling retailer said after the bell Thursday that CEO Art Peck is stepping down. Robert Fisher, son of Gap's founders, is taking the job on an interim basis. Gap also warned on full-year guidance. Peck, who was CEO since 2015, announced in February plans to split the retailer into two publicly traded companies in 2020 — one company would house its faster-growing Old Navy brand, while the second would include Gap, Banana Republic and its other brands such as Athleta.
Billionaire businessman Mike Bloomberg is preparing to enter the Democratic presidential primary. However, NBC News reports that the move does not necessarily mean Bloomberg, 77, was announcing a campaign. A top advisor to Bloomberg released a statement, saying the former New York City mayor wants to see Trump defeated and grows "increasingly concerned that the current field of candidates is not well positioned to do that." Bloomberg had been a registered Republican and independent, as well as a Democrat. He re-registered as a Democrat a month before the party took back the House of Representatives in the 2018 midterm election.