Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
Markets in Australia and Japan looked set to open slightly lower as investors worried over trade tensions between the U.S. and China.Asia Marketsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
Stocks fell sharply on Thursday as investors started to fear the U.S.-China trade war is slowing the economy.Marketsread more
"The last thing I want is to put a date out there for lifting the grounding," said Dan Elwell, acting administrator for the FAA.Transportationread more
The charges allege he published secret documents obtained by former Army intelligence analyst Chelsea Manning, some of which included the disclosure of foreigners who were...Politicsread more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
See which stocks are posting big moves after the bell on Thursday, May 23.Market Insiderread more
Sentiment is "not negative enough to trigger a huge rally ... unless we get some kind of real breakthrough with China," Jim Cramer says.Mad Money with Jim Cramerread more
Oracle co-founder Larry Ellison disclosed a $1 billion stake in Tesla in late December. It's now worth about $580 million.Technologyread more
Former Goldman Sachs macro trader Michael Novogratz sees a lot in common with the cannabis craze and last year's record-setting crypto gains. For that reason, he's betting against it.
This week, as pot stock Tilray jumped 50 percent, Novogratz said he "tried real hard" and found a "cool way" to short it.
"The companies trade up to $28 billion on almost no revenue," he said. "If I was long them, I'd sell them and if you're a speculator, I'd get short them."
Bitcoin, which Novogratz has been a vocal investor in, similarly shot up by double-digit percentages last year. The cryptocurrency has plummeted 66 percent since its high, according to data from CoinDesk.
Novogratz is hardly the only one betting against the cannabis craze. Data from S3 Partners show that short interest in Tilray is around 3.5 million shares, up from about 2.5 million late last month.
This week was an expensive time to bet against the stock. Fees for borrowing Tilray stock, which you need to do to short it, were between 500 and 700 percent, according to S3's managing director of predictive analytics Ihor Dusaniwsky.
Still, Novogratz is optimistic on the industry long-term and predicted the entire "cannabis business is going to grow, and it's going to grow relatively rapidly."
Novogratz launched his crypto merchant bank Galaxy Digital in November, a month before bitcoin hit its all-time high near $20,000. The firm took a $134 million hit in the first quarter of this year, according to its first-ever financial disclosure released in Canada after the company went public.
The former Fortress hedge fund manager told CNBC in November that bitcoin could "easily" hit $40,000 by the end of 2018. He also predicted ethereum, which was trading near $211 this week, could hit roughly $1,500.
Those two cryptocurrencies have gone the opposite direction. Bitcoin is down more than 50 percent this year after starting 2018 above $14,000. Ethereum meanwhile has dropped 83 percent from its high in January, according to CoinDesk.
— CNBC's Fred Imbert contributed reporting.