Wall Street ended Friday lower as more drama unfolded in the White House. Donald Trump's presidency was under scrutiny again after news broke that chief strategist Steve Bannon has left the White House. The New York Times reported that Trump insisted that Bannon resign and the adviser submitted his formal notice on Aug. 7. His departure was delayed by the violence at a right-wing rally in Charlottesville, VA, and its aftermath.
Gap Inc. (GPS) reported quarterly earnings more than double a year earlier. The casual clothing retailer earned 68 cents a share over its quarter ended July 29, far better than 31 cents a share a year earlier and higher than estimates of 52 cents.
Foot Locker Inc. (FL) lost roughly one-quarter of its value in its worst daily performance since late 2008. Industry peers such as Nike Inc. (NKE) , Finish Line Inc. (FINL) , and Buckle Inc. (BKE) also sold off.
Estee Lauder Companies Inc. (EL) reported better-than-expected fiscal fourth quarter. First-quarter sales are expected to climb 9% to 10%. Current-quarter adjusted earnings guidance of 94 cents to 97 cents a share came in higher than a targeted 91 cents.