The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Twitter and Facebook have suspended numerous accounts that are believed to be tied to a state-backed information campaign originating from inside China.Technologyread more
Leaked documents from Google give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
In a statement Monday, Barr said he will name Kathleen Hawk Sawyer the new director of the Federal Bureau of Prisons.Politicsread more
Morgan Creek Capital's Mark Yusko is sticking by his October call that stocks must drop nearly 50 percent to reach fair value.
On CNBC Wednesday, the firm's founder and chief investment officer doubled down on his Oct. 11, 2018 prediction that equity prices could lose half of their value. He likened the current market conditions to the tech bubble of the early 2000s.
"Remember the tech bubble popped, there was this return-to-normal rally from late December  through January of 2001, and then it was downhill from there" and stocks did not return to those "crazy valuations," Yusko said on "Power Lunch." "And I think we've got the same playing out here: the tech bubble 2.0 popped" in the final three months of 2018 with the broader market.
Yusko said tech giants like Cisco, Microsoft, Intel and Qualcomm were overvalued during the first tech bubble in the mid-to-late 1990s and have yet to recover those values. He criticized current tech leaders like Netflix and Amazon that have sky-high earnings multiples.
After Yusko's October call, the S&P 500 fell about 13 percent to a 2018 closing low on Christmas Eve of 2,351. But his prediction of a further fall didn't happen. The index since Dec. 24 has recovered nearly all its losses due to a strong January start on Wall Street.
For the S&P 500 to drop nearly 50 percent since Oct. 11, it would have to get to a level around 1,364.
"We don't have to get to fair value, but the way math works for every day you're above average you've gotta spend a day below average," Yusko said.
The S&P 500 traded 0.2 percent higher on Wednesday, closing at 2,638.7 after breaking a four-session winning streak Tuesday.