An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
"There is reason to believe that we know the culprit," Trump said in a post on Twitter.Politicsread more
Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
President Donald Trump signaled Iran is not telling the truth about the drone attacks on Saudi Arabia's largest oil facilities.Oilread more
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U.S. Secretary of Energy Rick Perry spoke to CNBC's "Squawk on the Street" on Monday following a series of drone attacks on Saudi Arabia's oil facilities caused the largest...Oilread more
U.S. Energy Secretary Rick Perry spoke to CNBC following drone strikes on Saudi Arabia's oil processing facilities.Oilread more
An extended Saudi oil outage could push Brent crude prices north of $75 per barrel, Goldman Sachs warned clients.Marketsread more
As investors worry about oil supply, airline and cruise ship stocks are getting hit, while some energy stocks are shooting upward.Marketsread more
Consumers in the U.S. prefer Apple's more expensive models, while the standard iPhone 11 appears to be more attractive to buyers in China, according to Kuo.Technologyread more
The Times updated an article detailing a previously unreported accusation against Justice Kavanaugh from when he was a Yale University student, noting that "the female student...Politicsread more
Investors should brace themselves for a vicious recession made worse by large corporate debt levels, according to Guggenheim's Scott Minerd.
He warned clients that inflation and rate hikes from the Federal Reserve will lead to the next market downturn.
"I have come to realize that the markets are potentially on a collision course for disaster. The collision course is being brought about by strong fiscal stimulus in the late stage of the business cycle, when conventional economic wisdom mandates that it should be heading the other direction to create fiscal drag," the firm's global chief investment officer wrote in a note to clients Monday. "With the huge fiscal stimulus coming online, the Federal Open Market Committee (FOMC) will feel obliged to play the role of creating economic headwinds."
Guggenheim has more than $250 billion in assets under management across its fixed income, equity and alternative investment strategies, according to its website.
Minerd predicts the Fed will hike rates four times this year and four times next year, increasing the benchmark funds rate to a range of 3.25 percent to 3.5 percent in two years from the current 1.5 percent to 1.75 percent.
"We are essentially running out of labor and other factors of production are being stretched—makes it extremely hard not to see how inflation and wage pressures will pass through to the real economy," he wrote. "When the overnight rate gets to 3 percent the amount of free cash flow in corporate America will be reduced to a level which is consistent with what we have seen in prior recessions."
The analyst said when the economy enters the next recession companies will have the "highest debt load" in history.
"The next recession is going to emanate from the corporate sector," Minerd wrote. "There is likely to be a sharp decline in employment and a sharp decline in profitability, followed by widening credit spreads as the market discounts the expectation of higher corporate defaults."