The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sector this year, spiked on Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
The subpoeana from Manhattan District Attorney's Cyrus Vance Jr.'s , for President Donald Trump's tax returns, was issued last month to Trump's accounting firm, Mazars.Politicsread more
While the UAW has rejected the offer and sent roughly 48,000 of its workers out on strike, the EV truck is widely expected to remain part of an eventual settlement.Autosread more
While markets await a Saudi update, investors are likely asking how the kingdom left itself so vulnerable, and what it means for the future.Energyread more
The new chief of the Federal Aviation Administration says he plans to test out Boeing's software changes to the 737 Max in a simulator.Airlinesread more
Retail sales in 2017 are expected to grow roughly in line with last year's 3.8 percent gain, as rising wages, lower unemployment and a solid housing market drive consumer confidence higher.
However, with many tax and trade policies still up in the air under the Trump administration, consumers are expected to continue being methodical with their spending.
The National Retail Federation on Wednesday projected that industry sales will grow between 3.7 and 4.2 percent this year, excluding automobiles, gasoline stations and restaurants. That's roughly in line with the 3.8 percent increase in 2016, as reported by the NRF.
Online and other non-store sales are expected to increase between 8 percent and 12 percent.
The organization's forecast does not include potential legislation that could come from Washington, D.C., including the controversial border adjustment tax.
"We think that consumers will remain thoughtful, circumspect, [and] even a bit hesitant to spend until they really have more certainty about the strength of the economy" and government policies, NRF CEO Matt Shay said.
Yet with the economy on more solid footing and consumer confidence near 15-year highs, he added there's "great potential for this all to come together very positively."
The NRF's forecast comes as retailers are eyeing the potential impacts of a border adjustment tax, a GOP proposal that threatens to slap a 20 percent tax on goods they import and sell in the U.S. The industry has banded together to fight the tax, which they argue could wipe out their earnings and raise prices for consumers.
A recent analysis by Ernst and Young, commissioned by the NRF, found that the proposal could cost the average American family $1,700 in the first year alone, as prices go up on everything from apparel to gasoline.
Proponents of the tax counter that it would cause the value of the dollar to increase, and consumers therefore would not be left footing the bill.
"Our forecast represents a baseline for the year, but potential fiscal policy changes could impact consumers and the economy," NRF Chief Economist Jack Kleinhenz said. "It seems unlikely that businesses will notably increase investment until tax reform and trade policies are well-defined."
The NRF's forecast follows a tumultuous holiday season for many retailers. Though the trade organization said that sales increased 4 percent in November and December — topping its prediction of 3.6 percent growth — major retailers from Macy's to Under Armour reported disappointing results.
Last February, the NRF predicted retail sales would increase 3.1 percent during the year. The trade group then raised its growth forecast to 3.4 percent in July, citing a better housing market, job growth, higher wages and a greater-than-expected lift in online sales.