May had failed to win a parliamentary majority on Britain's withdrawal from the European Union.Europe Politicsread more
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
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Danish shipping group A.P. Moller-Maersk on Friday posted first-quarter profit close to expectations and warned that trade tensions and slowing economic growth constitute...Earningsread 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
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
SpaceX sent 60 satellites into space in a key first mission toward the company's own high-speed internet network.Internetread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead 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
Morgan Stanley has two suggestions for investors as the year comes to a close: "Don't buy the dip" and "This is not the place to be selling."
Traders' harsh response to the interest rate policy laid out by the Federal Reserve on Wednesday has brought major U.S. stock markets to their knees, but the bank's chief U.S. equity strategist, Michael Wilson, told CNBC there is no "magic potion" and the Fed is "doing their job."
"I don't think the Fed is ignoring what's going on in the market ... [or] what's going on in the economy," Wilson said.
Wilson, who predicted the brutal October sell-off, has been warning of a "rolling bear market" — which rotates from one sector to another — for months now. He said it is a cyclical one, which tends to last a few months to a few years, not a secular one, which can stretch 10 to 20 years.
On Thursday, the Dow Jones Industrial Average fell 464.06 points to close at 22,859.60 and the S&P 500 dipped 1.5 percent to finish at 2,467.41. Meanwhile, the Nasdaq Composite briefly dipped into bear market territory, thanks to big losses in Apple and Amazon.
"I would argue most institutional managers have been trying to buy the dip to make up their year and they lost it every turn because it's not a buy-the-dip type of market," he explained on "Fast Money Half-Time Report." "They're treating a bear market like a bull market."
It is also too late to sell, Wilson said. Those opportunities came in January and in the summer, he noted.
As the economy gets closer to the end of the cycle, growth will slow down, Wilson said, and companies will adjust to "a drop-off in economic data in January." He expects the global economy will bottom out by the end of the second quarter in 2019 and that investors can "pick and choose through the rubble" to find buying opportunities.
But stay away from software stocks, which have been underperforming, Wilson suggested. Look past the S&P 500, also, and watch indicators like cyclical versus defensive stock instead, he added.
"We think the opportunities are actually more in the places that got hit first and hardest, like emerging markets [and] like cyclical stocks."