Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
There's a 50 percent chance that the Federal Reserve reverses strategy and instead cuts interest rates next year, Guggenheim's head of investing told CNBC on Wednesday.
"Historically ... when we've had this kind of a pullback in stocks, the Federal Reserve reacts — they at least pause," Scott Minerd said on "Fast Money Halftime Report." "About half of the time they go on and do a rate cut."
Minerd thinks Jerome Powell has "exceeded expectations" in his role as Fed chair, but said a "series of missteps" by government officials -- from Powell's "autopilot" policy to President Donald Trump's ongoing attacks on his appointed Fed leader to Treasury Secretary Steven Mnuchin's Monday call with bank CEOs -- has caused markets to slide and that additional carnage would push the central bank to take action.
The Fed could decide to pause on a potential rate hike in March 2019, he says.
"We're close enough to a bottom [in the equity market] that investors should be stepping in," Minerd added.
Minerd, who in April predicted a recession is looming and said stocks would fall 40 percent, pointed to the crash of 1987 and the Asian financial crisis of 1997 as precedents for where the market presented opportunities to "step up and buy." The major indexes are working to stage a comeback after experiencing their worst December since the Great Depression.
The Dow Jones Industrial Average was up nearly 700 points at one juncture Wednesday after suffering its worst Christmas Eve ever Monday. The S&P 500 was trading up 2.6 percent for the day and the Nasdaq Composite was up 3.6 percent, erasing their Monday losses.
The S&P 500, which is considered to be the best measure of large-cap equities, closed down more than 20 percent from a year-to-date high in September.
"I would be looking to selectively pick up some ... cheap assets that are out there because I think inevitably the Fed's going to have to react to this," he said.
The Fed last week raised interest rates for a fourth time this year, as expected, and lowered its rate hike projection for 2019 from three to two.