Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
The trade war between Beijing and Washington appears to have depressed Chinese property purchases in the United States. China's own actions may also be playing a role.Real Estateread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
NBC is taking the office back from Netflix as it seeks to bolster its own streaming service launching in 2020.Technologyread more
Wayfair employees plan to walk out tomorrow, after no action was taken in response to their opposition to the company supplying border detention camps with beds for children.Retailread more
Micron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.Technologyread more
Omarosa Manigault Newman, who had been a senior advisor to President Donald Trump before her firing, was sued for allegedly failing to file required financial disclosures.Politicsread more
San Francisco on Tuesday became the first city in the country to ban e-cigarettes after city officials voted in favor of an ordinance that prohibits the sale of any...Health and Scienceread more
Goldman Sachs President Gary Cohn told CNBC on Wednesday he is very concerned about the short-term window for oil and said crude prices could fall to $30 a barrel as the industry runs out of storage space.
With the winter heating oil season ending, refineries are turning to producing more gasoline for the summer driving season, he said. That means they will not need crude oil for weeks or months, depending on turnaround and maintenance time, he added.
"That crude oil backs up in the system," he said. "I'm concerned we're going to run out of crude oil storage, land-based storage in the United States, especially in the mid-continent and Texas."
On Wednesday, the Energy Information Administration reported that inventories of U.S. commercial crude rose by 4.5 million barrels, pushing stockpiles to the highest level on record. The Associated Press previously reported that about 1 million barrels of crude per day above what it can consume.
If the industry runs out of storage, front-month contracts for oil could plummet, Cohn warned. "Forward prices could stay relatively stable, but the headline may read, 'We've got $30 oil in the United States," he added.
That will likely boost consumer sentiment and would have a fairly big impact on Federal Reserve's timeline for raising interest rates, he said.
"It's hard to raise interest rates potentially when you see deflationary oil prices," Cohn said.