Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
This is shaping up to be a "wave election," which will have dramatic implications for the stock market and how sectors will perform in the coming year, according to Goldman Sachs.
Even though it may be negative for the in the short run, the firm told investors Friday to buy companies that will benefit from corporate tax reform.
A so-called "wave election" occurs when one party gains at least one Senate seat and at least 20 House seats, which is likely to occur this November for the Democrats based on current polling.
As CNBC told you in this story, Goldman's strategist David Kostin found during the last six "wave elections" it was negative for the S&P 500 on average during the next few months.
So how can you trade it?
Even if the market declines on the election, there are several strategies that can do well, according to the firm.
"The candidates would likely look toward corporate tax reform, particularly on untaxed foreign profits, to fund their expansionary fiscal policies," Kostin wrote in the note to clients. "Politicians on both sides of the aisle have advocated for a repatriation holiday, where untaxed foreign profits are taxed at a lower, one-time rate."
He cited how U.S. corporations have $2.9 trillion of earnings parked overseas that can be repatriated on a potential tax repatriation holiday. As a result, Kostin recommended investors buy stocks in the Goldman Sachs "High Overseas Earnings" basket to take advantage of the call.
Here are five stocks from the Goldman Sachs "High Overseas Earnings" basket.