Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
In a text message, Grisham confirmed to CNBC that she will still be working for the first lady even as she takes on her new roles.Politicsread more
Acting Customs and Border Protection Commissioner John Sanders is resigning amid the furor over the Trump administration's treatment of migrant children.Politicsread more
NBC is taking the office back from Netflix as it seeks to bolster its own streaming service launching in 2020.Technologyread more
Wayfair employees plan to walk out tomorrow, after no action was taken in response to their opposition to the company supplying border detention camps with beds for children.Retailread more
Micron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.Technologyread more
Omarosa Manigault Newman, who had been a senior advisor to President Donald Trump before her firing, was sued for allegedly failing to file required financial disclosures.Politicsread more
San Francisco on Tuesday became the first city in the country to ban e-cigarettes after city officials voted in favor of an ordinance that prohibits the sale of any...Health and Scienceread more
See which stocks are posting big moves after the bell on June 25.Market Insiderread more
The stock market sell-off is far from over, hedge-fund veteran Mark Yusko told CNBC on Tuesday.
In fact, he sees a "long path" down between now and 2020.
"This year is going to continue to melt slowly, like a melting ice cube. I think next year, with the economic slowdown, it gets worse — probably double-digit drawdown. The big year is 2020, when the credit bubble starts to blow up," he said on "Fast Money. "
Yusko is the founder, CEO and chief investment officer of Morgan Creek Capital. The firm is a privately owned investment advisor that provides services to institutional clients as well as pension plans, endowments, foundations and family offices.
"Every company has binged on cheap debt. They've over-levered," Yusko added. "We are going to see a lot of defaults, just like 2002 with Enron and Worldcom. I think it's going to get ugly."
U.S. equities are heading to the end of the year with the possibility of ending in negative territory. The is up just 0.32 percent for the year, as of Tuesday's close.
The volatile market has seen indexes hit lows not seen in years. Stocks had their worst Thanksgiving week since 2011, and in October the Dow Jones Industrial Average ended down 5.1 percent for the month, its biggest one-month fall since January 2016.
During the October sell-off, Yusko said the downward momentum has started. "You're seeing all the sectors start to roll over one by one," he said at the time. "It is really hard to make a bullish case at this point."
However, there are places to hide, he said Tuesday. One place is emerging markets, which are "really, really cheap." Another is master limited partnerships, or MLPs. They have "great cash flows, rising volumes, great yields," Yusko said.
He also loves bitcoin long-term. Morgan Creek rolled out a cryptocurrency fund in August.