Trump rally; Fox earnings; Pound under pressure

premarket wednesday
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1. The Trump rally: It's been a full year since Americans picked Donald Trump to be their next president.

And it's been a fantastic 12 month for stocks: The S&P 500 has soared over 20% since Election Day in 2016, its third-best performance during a president's first year since World War II, according to Sam Stovall of CFRA Research. The Nasdaq and Dow have have gained roughly 30% over the same period.

Stocks have continued to power higher even though President Trump has struggled to move his legislative agenda through Congress.

Will the rally continue? U.S. stock futures were flat on Wednesday.

Trump, who is in the middle of a lengthy tour of Asia, may face a tougher road ahead. Democrats won races large and small in Tuesday's election, starting with the New Jersey and Virginia governor's races.

2. Fox reports: 21st Century Fox (FOX) will release its latest earnings after the closing bell on Wednesday.

The report comes at interesting time for Fox. Its shares jumped on Monday after a report revealed the company had recently been in talks to sell most of its assets to Disney (DIS).

It's also sorting through a complicated deal in the U.K., where regulators are reviewing its proposed $15 billion takeover of Sky.

Sky warned on Tuesday that it could shut down Sky News if the deal is not approved.

3. Global market overview: European markets were mixed following a similar result in Asia.

The British pound fell against other major currencies as a series of controversies engulfed Prime Minister Theresa May's fragile government.

The most urgent flap involves international development secretary Priti Patel and unauthorized meetings that she held with Israeli officials.

In the U.S., the Dow Jones industrial average closed at a record high on Tuesday. The Nasdaq dropped 0.3% while the S&P 500 was flat.

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4. Earnings and economics: (CARS), Energizer (ENR), Humana (HUM), MGM Resorts (MGM), TEGNA (TGNA), Vitamin Shoppe (VSI), and Wendy's (WEN) will release earnings before the open Wednesday.

CenturyLink (CTL), Papa Murphy's (FRSH), Roku (ROKU), and Tribune Media (TRCO) will follow after the close.

A report on crude inventories is set to be released at 10:30 a.m. ET.

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5. Coming this week:

Wednesday -- First anniversary of the presidential election
Thursday -- Nordstrom, Macy's, Disney and News Corp (NWS) earnings
Friday -- Consumer confidence survey