A surface-to-air missile shot down a U.S. military drone over the Strait of Hormuz, a U.S. official said Thursday.World Politicsread more
President Donald Trump has publicly blamed the Federal Reserve's interest rates hikes for holding back U.S. economic growth.The Fedread more
China's President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. Experts say the move...Asia Politicsread more
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The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Waymo has signed a deal with Renault and Nissan to develop self-driving cars and trucks for use in France, Japan and possibly other countries in Asia, including China, the...Autosread more
It's crucial to note that the culprit behind attacks on two commercial tankers last week has not been conclusively proven.World Politicsread more
"No U.S. drone was operating in Iranian airspace today," a U.S. Central Command spokesman said, according to NBC News.World Politicsread more
The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word "patient " from its statement and said it would "act as...Asia Marketsread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Big banks continue to be a profitable group despite being immensely disliked on the Wall Street, CNBC's Jim Cramer said Monday.
"I think this group is hated," Cramer said on "Squawk Box, " shortly after Bank of America reported better-than-expected second quarter earnings. "More hated than I've seen than any other time other than 2009 and yet they are making fortunes." He said later on "Squawk on the Street " that he has "not seen this group as despised as 2009," during the financial crisis.
Bank of America reported quarterly earnings and revenue Monday that beat forecasts, boosted by loan growth, lower expenses, and a smaller tax rate.
Shares of Citigroup and Bank of America were still lower year to date, while J.P. Morgan stock was about 1 percent higher so far in 2018.
Cramer has previously said Wall Street had written off the bank stocks' weakness as a casualty of the flattening yield curve. Money managers were making the calculation that if interest rates were similar for long-term and short-term loans, banks would shy away from longer-term lending, a key line of business for the big banks.
The "Mad Money " host said on Monday that Bank of America continued to make money on deposits (also referred to as net interest margin), one of the key signs of success for financial companies.
He said Citigroup's earnings were also good but the reaction on Wall Street was less than enthusiastic with the bank's shares falling more than 2 percent on Friday.
"People can't wait to sell these stocks," Cramer said. But these "banks are just sitting here saying, 'Woe is me, I'm brick and mortar.' [But] younger people love the app. That's the way to get people to open accounts."
— Programming note: Bank of America CEO Brian Moynihan appears on CNBC's "Mad Money" at 6 p.m. ET on Monday, July 16.