Disney shares surged 7% to a record high on Wednesday after passing 10M subscribers to streaming service Disney+, which only debuted a day earlier. With a market capitalization now totaling $268B, the Mouse House is now twice as valuable as Netflix which has seen its market value tumble to about $124B amid slowing revenue growth and increasing competition. Important to note: Disney's increase was aided by its $71B acquisition of 21st Century Fox's entertainment assets, which was completed in March. (SA)

Walmart has sent a reassuring signal over the financial health of the American consumer ahead of the holiday shopping season, lifting annual profit forecasts on the back of higher quarterly sales. The world’s biggest retailer brushed aside rising world trade tensions and turmoil elsewhere in the sector to report accelerating sales growth, sending shares up over 3 per cent in pre-market trading.  Walmart’s US business led the way in the quarter, helping offset weakness in some overseas markets. Revenues across the group rose 2.5 per cent to $127bn.  (FT)

In testimony to Congress yesterday, Fed Chairman Jerome Powell further warned that the federal budget is on "an unsustainable path," and with the national debt now topping $23T, it could make it difficult for the economy to recover from future market downturns. According to the Treasury Department, the federal deficit reached $134B in October - the first month of fiscal 2020. The figure has spiked following the GOP tax law and multiple bipartisan agreements to increase spending on defense and domestic programs. (WSJ)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.