After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
See which stocks are posting big moves after the bell.Market Insiderread more
"I'd love to say that the optimistic universe is most likely to prevail, but the talking heads talk endlessly about how a recession is inevitable," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Read the fine print in your Apple Card contract — one clause means you give up your right to be heard in court.Technologyread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Donald Trump signed a memorandum on Wednesday to automatically cancel the student loan debt of disabled veterans. More than 25,000 service members will have their...Personal Financeread more
Jim Nussle, a former director of the Office of Management and Budget, told CNBC on Wednesday that a strong U.S. consumer is the only thing keeping the country from recession.Marketsread more
The only major U.S. stock market strategist to issue bitcoin price targets is still betting on the cryptocurrency.
For a third time since bitcoin's plunge from a mid-December high, Fundstrat's Tom Lee published a report reemphasizing his optimistic outlook, after a heavy day of selling.
"It has been a terrible few weeks but the fundamental positive story for crypto remains intact," Lee said in the report, distributed late Thursday night. He was J.P. Morgan's top equity strategist before co-founding Fundstrat Global Advisors in 2014, where he is head of research.
Bitcoin dropped below the psychologically key $9,000 level Thursday and hit a low of $7,695 Friday morning, down 30.6 percent for the week and less than half its record high above $19,000 hit in December, according to CoinDesk. Worries of increased regulation and potential price manipulation at a major exchange have spurred a broad cryptocurrency sell-off in the last month, following massive gains last year.
But in his report, Lee maintained that bitcoin will more than double to $20,000 by the middle of the year, and roughly triple to $25,000 by the end of the year.
He pointed to five similar drops and subsequent recoveries "of similar magnitude" since the middle of 2016. "Past sell-offs were followed by rallies of ~150% within 84 days," Lee said. "In other words, we think the risk/reward at these levels warrants adding here, even if there is additional downside."
Bitcoin 12-month performance
Lee is also taking some cues from the bitcoin futures market. Contracts for coming months are pointing to higher prices, or "contango," Lee pointed out, which will encourage investors to hold bitcoin and sell the futures contract. That's in contrast to the negative sign of "backwardation" in the last few weeks, in which futures contracts for three months out pointed to a drop in bitcoin prices, Lee said.
The surge of interest — more than 1 million people — in Robinhood's cryptocurrency trading product also adds support to Lee's thesis that millennial investors are going to help the development of cryptocurrencies as an asset class, the report said. No-fee stock trading app Robinhood says about 78 percent of its users fall in the millennial age category. The company is rolling out bitcoin and ethereum trading in five states this month.
Lee still expects ethereum to reach $1,900 by the end of the year, ethereum classic to reach $60, neo to hit $225 and the Bitcoin Investment Trust to hit $30. In order to reach those targets, ethereum would have to double, ethereum classic nearly triple, neo gain about 80 percent, and the Bitcoin Investment Trust more than double from Friday morning prices.