Investors are rushing into the relative safe-haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
Stocks fell sharply on Thursday as investors started to fear the U.S.-China trade war is slowing the economy.Marketsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
See which stocks are posting big moves after the bell on Thursday, May 23.Market Insiderread more
Investors rushed into the safety of bonds Thursday and sold stocks, as it appeared the trade war could be prolonged and more painful for the world economy than expected.Market Insiderread more
Oracle co-founder Larry Ellison disclosed a $1 billion stake in Tesla in late December. It's now worth about $580 million.Technologyread more
Investors trying to get a gauge on the state of U.S.-China trade relations should look at shares of big chipmakers, according to Ned Davis Research.Marketsread more
The volatile stock of Tesla has lost over 40% so far this year, and experts are split on what might happen next.Trading Nationread more
The president addressed farmers and ranchers hurt by the trade war with China, just hours after his administration announced a new $16 billion farm and ranch aid package for...Politicsread more
The e-mail's optimistic tone helped Tesla shares turn positive for the first time in seven days.Technologyread more
J.P. Morgan Chase has cut ties with Purdue Pharma LP over the OxyContin maker's alleged role in the U.S. opioid crisis, forcing it to find a new bank to manage cash and bill...Banksread more
We're sorry, this event is not viewable on the CNBC app.
Please visit http://cnbc.com from a web browser to watch the live video stream.
President Barack Obama will call on Thursday for an end to a corporate loophole that allows companies to avoid federal taxes by shifting their tax domiciles overseas in deals known as "inversions," White House officials said.
(President Obama will discuss the state of the economy in an exclusive interview at 5 p.m. ET Thursday on CNBC-TV and CNBC.com)
Obama will make the comments during remarks about the economy at Los Angeles Technical College. The president is in California on a three-day fundraising swing for Democrats.
So-called inversion deals occur when a U.S. company acquires or sets up a foreign company, then moves its U.S. tax domicile to the foreign company and its lower-tax home country.
Nine inversion deals have been agreed to this year by companies ranging from banana distributor Chiquita Brands International Inc to drugmaker AbbVie and more are under consideration. The transactions are setting a record pace since the first inversion was done 32 years ago.
Several Democrats have offered bills to curb inversions, which let companies cut their taxes primarily by putting foreign earnings out of the reach of the Internal Revenue Service.
Obama will throw his weight behind the Democratic bills, calling for a rule change that would deem any company with half of its business in the United States to be U.S.-domiciled.
The proposed changes, already put forward in Obama's annual budget, would be retroactive to May of this year and implemented independently of moves to achieve broader tax reform.
"We have seen increased activity from companies in the inversion space and as a result the president's view ... is that we should be acting as quickly as possible, " a White House official told reporters on a conference call.
"That will buy us more time and space to ... reform our tax code as a whole. "
Republicans prefer a change to inversions to be part of an effort to reform the U.S. tax code.
The White House supports broad tax reform but argues that action on inversions is needed now.
"We can't afford to wait to reform our tax code completely to deal with inversion, " the official said, adding that such deals would cost the United States an estimated $17 billion in revenue over the next decade.