Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Bad news for the sector came from Wells Fargo, which will be investigated by the House Financial Services Committee for opening about 2 million accounts without customer authorization. The Justice Department also issued Deutsche Bank an opening settlement figure of $14 billion for a set of cases related to mortgage securities. The bank said in a statement it "has no intent to settle these potential civil claims anywhere near the number cited."
Wells Fargo shares fell more than 6 percent this week, while Deutsche's Frankfurt-listed shares fell 12 percent during the same period.
"If we get a string of bad data — maybe it's jobs data, maybe it's manufacturing data — they may not go the 50/50 in December and these banks need higher rates for them to continue to go up," Nathan said. "I don't really see anything that compelling. I don't see interest rates ramping up between now and the end of the year ... I think it's going to be a political hot potato for a little bit."
Trader Steve Grasso said "there's no reason to buy banks" right now.
Trader Karen Finerman disagreed and said that the Federal Reserve not raising the benchmark federal funds rate is already priced into the sector.
Steve Grasso is long BA, CC, CHK, EVGN, KBH, MJNA, MON, MU, OLN, PFE, PHM, T, TWTR, GDX. Grasso's chidren own EFA, EFG, EWJ, IJR, SPY. No shorts. Stuart Frankel & Co Inc. and some of its Partners have a financial interest in DVN, LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP.
Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, and short IWM, MDY. Finerman is on the board of GrafTech International.
Dan Nathan is long TWTR, long PYPL call calendar, long FEZ Nov put spread, long EEM Nov put spread, long XLK Jan put spread, XLU Dec call spread
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.