Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
General Motors stands to lose hundreds of millions of dollars in lost production as a United Auto Workers union strike against the automaker enters its second day, but Wall...Autosread more
Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
The second-largest investor in Kraft Heinz Company discloses that it has again trimmed its stake in the food company.Marketsread more
"That leads the developed world to say to China: 'We've got to rebalance this. It's working for you. It's not working for us,'" says the billionaire Blackstone co-founder.Economyread more
Microsoft founder Bill Gates takes an aggressive approach to investing, despite being the second richest person in the world.Wealthread more
Viacom chief executive officer Bob Bakish is not worried about competition in the streaming space, on the heels of its merger with CBS.The Faber Reportread more
Consumers could pay an average 15 to 20 cents more per gallon for unleaded gas by the end of the month following the attack on Saudi oil installations.Market Insiderread more
Bob Bakish, the head of a newly combined CBS and Viacom, said he was "disappointed" by both stocks' reaction to the recent deal.The Faber Reportread more
Elliott Management may not see John Stankey as a future leader at AT&T, but bailing on him before he executes his integration plan has the potential for disaster.Technologyread more
Marko Kolanovic, JPMorgan's quantitative and derivative strategist, told CNBC on Wednesday that the stock market wasn't fully baking in the possibility of tax reform.
"We think [the] market is underpricing the probability of tax reform," Kolanovic said on "Fast Money."
Expanding on a Wednesday note released to JPMorgan clients, Kolanovic said that "movements on tax reform" by Congress could garner a 5 percent gain for the stock market.
That 5 percent would come primarily from tax reform's additive effect on earnings, said Kolanovic, whose notes have spurred market moves in the past.
"The question is, once tax reform happens, where do we go from there?" he mused.
Historically, markets tend to drift higher and gain some momentum in November and December, Kolanovic said. But given the market's unusually low rate of volatility, many U.S. investors, both individual and institutional, are already highly invested in equities, according to the quant's note.
"I think investors are a little bit on one side of the boat," Kolanovic said, adding that while this would prevent major upside, there is still upside to be had.
The only things that Kolanovic said could derail his bullish thesis would be aggressive interest rate hikes by the Federal Reserve, which seems unlikely for the risk-averse central bank; Europe or Japan's central banks tampering drastically with liquidity levels, or increases in volatility.