After the Brexit, Verizon is now bigger than Walmart & Home Depot is bigger than Disney
We also discuss the Brexit roadmap and VW's $15B settlement.
Stocks (^DJI, ^GSPC, ^IXIC) are finally seeing some green on day three after the Brexit. Energy (XLE) is leading, with utilities (XLU) in the red. Stephen Guilfoyle, managing director of floor operations for Deep Value Execution Services, joins us live from the New York Stock Exchange.
To discuss the other big stories of the day, Alexis Christoforous is joined by Yahoo Finance's Rick Newman and Thomson Reuters correspondent Bobbi Rebell, author of "How to be a Financial Grownup."
Big changes in market cap leadership are underway
Amid all the market turmoil after the Brexit, big changes are underway in US stocks. While nearly all the companies are smaller now than they were pre-Brexit ... some got hit harder than others. Apple still tops the list, but here are some of the leadership changes. Verizon is now bigger than Walmart. Proctor and Gamble trumps JPMorgan. Coca-Cola and PepsiCo beat Chevron and Intel, respectively. And Home Depot is now bigger than Disney.
Your official Brexit roadmap
Less than a week after the historical Brexit vote, people are finally starting to put the pieces together. Brexit negotiations can't start until the UK triggers Article 50 of the Lisbon treaty. And Article 50 won't be triggered until after September 2, when Prime Minister David Cameron vacates the office. Once the separation process begins, there is a two-year deadline to leave that can be extended.
Volkswagen agrees to pay over $15 billion
Things are finally looking up for German automaker Volkswagen. According to Reuters, VW and the US Justice department have come to an agreement to settle allegations that it cheated on emissions tests. VW will set aside over $15 billion to cover buybacks, fixes, green energy funds and efforts to offset diesel emissions.
