Yahoo Finance Global markets slammed as UK leaves the EU
Global markets are in turmoil in the wake of the UK's surprise Brexit vote. With all major averages deep in the red, we break down the day that was. Catch The Final Round at 4 p.m. ET with Jen Rogers, Yahoo Finance editor-in-chief Andy Serwer, Yahoo Finance's Jared Blikre, and David Nelson, chief strategist at Belpointe Asset Management.
Markets in turmoil in wake of Brexit
Stocks are getting clobbered in the US and across the globe as the Brexit vote stunned the markets. The English pound hit 30-year lows before pulling back, while European benchmarks lost nearly 10%. For more on the ramifications of the Brexit, we speak with Dr. Richard Haass, president of the Council on Foreign Relations.
The UK's great divide
The 52-48 Brexit vote was largely divided by region and demographics, with older and rural voters preferring to leave the EU. The remain vote was centered in London, Scotland and Northern Ireland, while most regions outside of London voted to leave. For more on the forces behind UK's independence vote we speak with John Hilary, executive director of UK based anti-poverty organization War on Want.
Winners and losers
Here are some of today's non-Brexit affected winners and losers:
Stocks getting hit with the broader market include MetLife, following a petition filed by former legislators Chris Dodd and Barney Frank blasting a ruling that stripped MetLife of its "too big to fail" designation; Arista Network slipping after losing a patent case with Cisco; and Sonic shares cooling off after a revenue miss.
Stocks bucking the rough tape include althletic retailer Finish Line on a profit and revenue beat; Emerge Energy Services gaining on the sale of its fuels business to Sunoco; and Skullcandy shares rocking and rolling following its deal to get bought out by consumer tech firm Incipio for $177 million.
Looking ahead
On Tuesday, we'll get a third and final estimate on first quarter GDP. The prior reading was an anemic 0.8% quarter-over-quarter change.
On Wednesday, we'll get another key piece of economic data, personal income and outlays for May. Included is the Fed's preferred measure of inflation, the Core PCE index, which was up 1.6% in the prior month.
Finally, on Friday we'll get motor vehicle sales for the month of June. Last month we saw strong sales leading to a 17.5 million annualized rate of sales.
