"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Yields slipped after Powell said that the central bank will continue to act as appropriate to sustain the economic expansion.Bondsread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The president tweeted Friday morning that he was ordering "our great American companies" to "immediately start looking for an alternative to China."Marketsread more
Multinationals that rely on the supply chain from China are tumbling after President Donald Trump ordered them to find alternatives to their Chinese operations.Marketsread more
Semiconductor stocks and shares of Apple slid on Friday after President Donald Trump said U.S. companies should "immediately start looking for an alternative" to their...Technologyread more
The two American car companies are among the top exporters of U.S.-produced vehicles to China along with BMW and Daimler/Mercedes-Benz, according to industry data obtained by...Autosread more
Powell repeats his pledge to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow.The Fedread more
These are the stocks posting the largest moves in midday trading.Market Insiderread more
Banks should expect some short-term pain after the U.K.'s vote to leave the European Union, CLSA managing director and analyst Mike Mayo said Monday.
Mayo said in an interview with CNBC's "Power Lunch " that he thinks the largest banks have a downside risk of 10-15 percent on earnings per share over the next couple years.
Financial stocks have taken a hit in the days after the Brexit vote last Thursday. On Friday, they dropped 5.4 percent alone, their worse day since August 2011, and were down another 2.9 percent Monday.
The large U.S. banks have some serious issues to contend with, Mayo said. There are extra costs involved with it being more expensive to do business in Europe, plus a risk-off environment isn't good for capital markets, he said. There is also currency risk as earnings are translated back to the U.S., and central banks will be keeping interest rates lower for longer, noted Mayo.
However, there is some good news.
"The U.S. banks are healthy. The European banks have a situation right now," he said. "We think the U.S. banks eat the European banks' lunch. So this could be an epic market share grab over three to five years for the banks."
Plus, domestic banks just passed part one of the Federal Reserve's stress test last week.
"Based on that, the U.S. banks can absorb multiple Brexits and still have strong balance sheets," said Mayo.
He believes there is the potential for earning power. What may cause an issue is if Treasury yields stay low for the next five to 10 years, he said.
However, "if you think things will normalize over time, this could be a unique opportunity to get for the kind of one to five year horizon."
David Katz, chief investment officer at Matrix Asset Advisors, also sees the potential for opportunity. While the financials have been beaten down, the fundamentals haven't changed, he told "Power Lunch."
"Even with these very low interest rates, and they are going to stay lower for longer, these companies are still making a good deal of money," Katz said. "If you had a six- or 12-month time horizon, we think they are going to be a lot higher. Short term, very little visibility."
Disclosures: CLSA receives or has received compensation from JPMorgan Chase for non-investment-banking services in the past 12 months.