Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
In a four-page letter sent Thursday morning, Warren and Ocasio-Cortez asked Mnuchin a series of questions about his advisory role in former Sears CEO Eddie Lampert's...Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
Facebook has stopped paying commission to staff for selling political advertisements on its platform, The Wall Street Journal reported.Technologyread more
Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the...Energy Commoditiesread more
U.S. manufacturer growth hit new lows in May, the latest sign that the economic slowdown accelerated amid the ongoing trade war.Economyread more
Wall Street is under pressure, but a handful of stocks are breaking out to new highs. McDonald's, Waste Management, Hershey, Visa and Costco have notched records this month,...Trading Nationread more
No timetable has been set on returning the money to outside investors in Tepper's Appaloosa Management, source says.Hedge Fundsread more
Huawei is winning over more and more Apple fans in China as the escalated trade tensions stoked "nationalist sentiment," according to South China Morning Post.Marketsread more
A Federal Reserve projection on economic growth just weakened substantially, and expectations for a rate cut over the next eight months got a lot stronger.
The Atlanta Fed's closely watched GDPNow tracker is pointing to a 1.1% gain for the economy in the second quarter, according to a revision posted Wednesday. That comes on the back of a strong first three months that saw a 3.2% gain and is substantially lower than CNBC's Rapid Update survey, which puts the GDP tracking estimate at 2%.
Disappointing retail sales in April fueled the latest leg down in the Atlanta Fed outlook. The Commerce Department reported Wednesday that sales declined 0.2% for the month against expectations of a 0.2% gain. Along with the retail letdown, industrial production fell 0.5% against Wall Street estimates of a 0.1% gain.
Taken together, the weaker-than-expected numbers took a half percentage point off the Fed's previous second-quarter estimate.
The drop in the GDP forecast coincided with market expectations that the Fed will be lowering interest rates in the months ahead.
Futures trading now indicates an 80% chance of a rate cut by January 2020, according to the CME's FedWatch tool. However, the decrease could come even sooner than that — the tool assigns a 51% probability of a move lower in September and a nearly 42% chance of two cuts by January.
Fed officials have been unified in saying they don't foresee a cut or an increase before the end of the year.
In a speech Wednesday, Richmond Fed President Thomas Barkin said, "It makes sense to remain patient" when it comes to policy moves.
"There's not a strong case to push rates higher when inflation is under control; there's not a strong case to move lower when growth remains healthy," he said.
The Fed's benchmark short-term interest rate is currently targeted in a range between 2.25% to 2.5%.