These are the stocks posting the largest moves before the bell.Market Insiderread more
Mnuchin tells CNBC he's confident President Trump and China's Xi Jinping can make progress in stalled trade talks.World Economyread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and its hurting America," he told Yahoo Finance Tuesday.Economyread more
U.S. stock index futures jumped Wednesday morning after Treasury Secretary Steven Mnuchin told CNBC that the U.S. and China were close to reaching a trade deal.US Marketsread more
A small group of companies have gotten so big that they are essentially becoming the market, and when they do well, the markets do well.Trader Talk with Bob Pisaniread more
Trump is willing to talk with Iran, but he's "also determined to enforce the U.S. and our allies' interests in the region," Mnuchin tells CNBC.Politicsread more
Democrats want Mueller's testimony on his probe into Russian interference in the 2016 election and Trump's efforts to influence it.Politicsread more
Mortgage application volume was 40% higher than a year ago, largely because lower rates are strengthening the refinance market.Real Estateread more
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
Later this year, a new restaurant will open inside the Barneys New York department store at Copley Place in Boston.Retailread more
Bitcoin surged as high as $12,919 in early morning trade Wednesday, to its highest level since January 2018.Technologyread more
During each of the 12 trading days before the Federal Reserve's interest rate decision on Dec. 16, CNBC Pro is highlighting a single strategy that should work if the central bank hikes rates, as many on Wall Street expect. We found these trades using Kensho, a powerful tool used by hedge funds to analyze historical market data.
In the holiday spirit, we will call this series the "Twelve Days of Fedmas." Friday marked the fifth day so we've added another line, "Five Goldman Sachs"
On the fifth day of Fedmas,
Janet Yellen sent to me:
FIV-V-V-E GOLD-D-D-D M-A-N Sachs
Four Lincoln Nationals
Two General Motors
And a pair trade in Curr-en-cies!
What a day it was Friday as a stronger-than-expected jobs report raised the odds that the Fed will hike seven trading days from now. If the central bank's rate rise sparks a move higher in long-term interest rates, that should benefit investment banks as their profitability should improve as a result of the increase. A big way these firms make money is harvesting the difference between the short-term rates at which they borrow and the long-term rates at which they lend.
CNBC Pro ran the numbers on Kensho and found that certain bank shares do perform well under a scenario of rising long-term interest rates for U.S. markets. We looked at all the one-month periods of significant moves higher in rates over the last decade. Here are the stocks from that sector that did the best.