Boeing shares rose Tuesday after a Wall Street Journal report said aviation officials believe a bird strike may have caused the crash of a 737 Max in Ethiopia in March.Aerospace & Defenseread more
Morgan Stanley analysts said the reduction was driven by concerns around Chinese demand for Tesla products.Autosread more
For every 5% drop in Greater China sales, Apple's earnings per share should fall about 15 cents, Credit Suisse tells clients.Investingread more
Alphabet Inc's Google said Tuesday that keeping phones up to date and secure was in "everyone's best interests," shortly after the U.S. temporarily eased some trade...Technologyread more
As tariff worries hit Apple, the stock has fallen into a bear market. But Joule Financial's Quint Tatro believes the pullback represents a buying opportunity, while...Trading Nationread more
Technology stocks are a casualty of the trade war, but analysts say some companies might emerge stronger, depending on terms of the deal.Market Insiderread more
Home Depot on Tuesday reported fiscal first-quarter earnings that beat analysts expectations, despite a damp start to the spring in much of the U.S.Retailread more
Susquehanna has a neutral rating on the stock and a price target of $42 per share.Investingread more
Verily, Alphabet's health and life sciences division, is moving into the clinical trials market. It just announced strategic alliances with Novartis, Sanofi, Otsuka and...Technologyread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Once the hallmark of a struggling economy, layaway options are now aimed at encouraging young shoppers to buy more stuff.Personal Financeread more
The Federal Reserve's policy of normalizing interest rates is appropriate because the U.S. economy has recovered on all fronts, according to the chairman of J.P. Morgan Chase International.
In the U.S., inflation is at the Fed's target, growth has recovered, labor markets are very good and unemployment is low, Jacob Frenkel told CNBC's Nancy Hungerford at the IMF and World Bank annual meetings in Bali, Indonesia.
"That's the time to normalize," he said. "The Fed has announced it in advance, there are no surprises. Guidance was very clear and the Fed is doing the right thing."
The central bank has raised interest rates three times this year and is largely expected to hike once more before year-end. Its most recent rate hike in September drew criticism from President Donald Trump at the time.
On Wednesday, the president doubled down on his criticism after walking off Air Force One in Erie, Pennsylvania for a rally. "I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy."
Frenkel told CNBC that it is not up to the U.S. president to make such statements.
"There are two issues: Have they gone crazy? And is it up to the president to declare this medical situation? I think that the answer is 'no' to both," he said.
"It's not a good idea for the president to get into these details because at the end of the day, the Fed is a very professional entity. It has the data, it has made the analysis, it has the reputation and it is moving forward and serving the United States and the world economy," Frenkel added.
Trump's latest comments came as markets sold off sharply, with the Dow Jones Industrial Average dropping more than 800 points on Wednesday. Market commentators cited various factors that contributed to the sell-off, including fear that the Fed will raise interest rates aggressively and that escalating trade tensions between the U.S. and China will drive up business costs.
Frenkel said he didn't think the sell-off had anything to do with rising interest rates.
"I believe that the rising rate environment is a matter of fact. There is nothing new over there, it was completely anticipated, and, in fact, I can tell you now that there will be another rate hike, most likely later this year," he said.
Instead, he pointed to the "trade skirmishes" between the U.S. and China that, he said, were spilling over all other markets.
"What it tells you (is) that the two giants of the world economy, China and the United States, do not agree with each other," he said. "And we're passengers on this airplane and the two co-pilots are fighting. How would you feel? You will fasten your seat belt, you will be nervous and that's very bad for everyone."
Ultimately, Frenkel said he expected a compromise to happen between Beijing and Washington. The issue, however, is what kind of damage will happen along the way, he said: "So, yes, long term optimism, short-term challenges."