Richard Yu, CEO of Huawei's consumer business, said Huawei's own operating system for smartphones and laptops could be ready for use in China by fall this year.Technologyread more
British Prime Minister Theresa May could announce her resignation in the next few days, according to U.K. media reports, as she faces increasing pressure from members of her...Europe Politicsread more
Shares of Chinese telecommunications heavyweight Huawei's suppliers took a hit on Thursday amid the ongoing fallout surrounding the Chinese telecommunications giant.Asia Marketsread more
Lawmakers, lobbyists and CEOs in the U.S. are looking to trying to pick out the best parts of the EU's privacy law called GDPR – and ditch what they see as the worst.Technologyread more
After holding parliamentary elections over seven phases, India started counting the votes on Thursday — and Prime Minister Narendra Modi's Bharatiya Janata Party-led coalition...Electionsread more
The embattled German lender saw its share price hit a record low Monday, down nearly 5% since the start of the year.Banksread more
Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
Political experts believe the vote could give more insight into national politics in each member state, rather than on the future of the EU itself.Europe Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
China accounted for 40% to 60% of the global increase in trichlorofluoromethane, or CFC-11, emissions between 2014 and 2017, a study found.Scienceread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
For CNBC's Jim Cramer, the worst part about the Federal Reserve's latest interest rate hike is that the central bank's chief, Jerome Powell, seemed to ignore what Cramer regards as "serious" weakness in the U.S. economy.
"I have a better read on the economy than the Fed and I know they're not going to listen to me," the "Mad Money" host said Thursday as the Dow Jones Industrial Average fell to a 14-month low. "I feel powerless, just like 2007, when I ranted that the Fed needed to start easing aggressively in order to stave off a financial catastrophe. "
In the Fed's Wednesday announcement, Fed Chair Jerome Powell lowered his forecast for U.S. gross domestic product, a key measure of economic welfare, but said the Fed would likely still hike rates twice in 2019.
Cramer questioned Powell's reasoning. He reiterated that the economy has cooled since October, as demonstrated by weakness in consumer and corporate spending, and if it continues to weaken, more interest rate raises will only cause "a nasty slowdown."
On Thursday, Carnival, a cruise line operator, forecast weaker-than-expected first-quarter profit, the first sign of "real softness" in the travel and leisure space, Cramer said. Consulting and outsourcing services provider Accenture followed with its own forecast, which he called "pitiful."
"If you're buying stocks here, ... you're making a bet that Jerome Powell will learn what I know already: that the economy's downshifted enough ... that he doesn't need to move, [that] he knows that the next rate hike will be real bad for Main Street," Cramer said.
While Powell stays the course, though, the "Mad Money" host recommended buying into the "bull market" in gold. He liked RandGold, a mining play with a 3 percent yield and steady production growth, or an exchange-traded fund mirroring the price of gold called the GLD.
And even as he admitted that "the odds simply do not favor stockholders," Cramer warned investors that they might regret selling out of stocks because "when Jay Powell recognizes that he's wrong, ... the market will come roaring back."
"Sooner or later, the weakness will be undeniable and he'll have to change course, which is a reason why you can own stocks," he said. "I'm confident in my judgment, so confident that I'm sure Powell will have to reverse course, maybe in the next four months. When he does, you'll regret selling because the market will rebound so fast."