The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
"If this is really the start of a protracted economic cold war, multiples are coming in," said Emanuel. He signaled a level of about 2,300 next year, nearly 14 percent lower than Monday's close.
With the index already 9 percent lower than the Sept. 21 all-time intraday record, such a move would more than qualify as a bear market as measured by a drop of 20 percent or more from recent highs.
In putting forth this downside scenario, BTIG conducted an analysis of price-to-earnings ratios during the Cold War with Russia from 1960 to the fall of the Berlin Wall in 1989 to multiples from 1989 to now.
"That difference is over four multiple points," a difference consistent with trade wars of the past, Emanuel said on "Squawk Box." From the start of those conflicts out 12 months, the market on average has been down about 20 percent, he added.
The stock rout in October and the volatile November already knocked about 3 points off the market multiple since last year, said Emanuel.
FactSet puts the current forward 12-month P/E ratio for the S&P 500 at 15.1, below the 5-year average of 16.4 but above the 10-year average of 14.5.
"We're still basically at historical averages. If you start drifting to that other regime, you're talking about downside consistent with other trade wars of around 2,300 on the S&P," Emanuel said.
The financial community has been hoping the meeting of President Donald Trump and Chinese President Xi Jinping at this week's G-20 summit in Argentina will keep the trade war between the world's two biggest economic superpowers from escalating.
However, ahead of that meeting, Trump told The Wall Street Journal Monday it's "highly unlikely" he would delay a planned January tariff increase on $200 billion worth of Chinese goods from 10 percent to 25 percent. The president also renewed his threat to put tariffs on the rest of China's imports into the U.S.