President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
The stock market would be down even further if the Federal Reserve chose not to raise interest rates last week, former Wells Fargo CEO Richard Kovacevich contended Wednesday.
The absence of a December hike would have signaled to the market that monetary policy is being determined by President Donald Trump, who has been critical of the central bank's policies, said Kovacevich. "And I can't think of a greater risk to our economy if that were the case," he said in an interview with CNBC's "Squawk on the Street."
The Fed last week raised rates, despite warnings from Trump, and lowered its rate hike projection for 2019 from three to two. That eventually led to a stock sell-off, which caused the the Dow Jones Industrial Average and Nasdaq last week to see their biggest weekly losses in more than 10 years. The had its worst week since August 2011. The market rout spilled over into the following week with Wall Street seeing its worst Christmas Eve trading session ever.
As of Monday's close, the S&P 500 is in bear market territory. (A "bear market" is when stocks see a 20 percent decline or more from a recent high.)
But Kovacevich, who was CEO of the third-largest U.S. bank for nearly a decade, argued that the sell-off is actually more of a "Trump slump." He said markets are down because of the president's latest conflicts, including the partial government shutdown, trade and reports he was considering firing Fed Chief Jerome Powell.
Other Wall Street veterans, including widely followed economist Mohamed El-Erian and UBS' Art Cashin, have argued Powell was forced to go through with a fourth rate hike this year due to the risk of appearing politically coerced.
Trump has repeatedly expressed frustration with the Fed's moves to raise rates this year, arguing the central bank could disrupt the U.S. economic recovery.
However, Powell denied last week that the Fed's decision-making has been influenced by any political pressure.
Looking to 2019, Kovacevich reiterated Wednesday that he anticipates the two interest rate hikes — in March and June. He then expects the Fed to pause for about six months to see what happens.