The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
This month marks the 121st month of the economic expansion arising out of the great financial crisis, making it the longest run on record going back to 1854.
This cycle, starting in June 2009, breaks the record of 120 months of economic growth from March 1991 to March 2001, according to the National Bureau of Economic Research.
Perhaps because of the overhang of the housing crisis, this run has been weaker than past expansions in total. The cumulative total of quarterly GDP growth figures equals 25%, far lower than previous booms.
While the unemployment rate has dropped from a peak of 10% in October 2009 to 3.6% in May, the lowest since 1969, job growth has been relatively slower than during other postwar recoveries.
But despite some internal weakness, this expansion keeps trucking along, getting its latest boost from the Trump tax cut of 2018 along with a relaxation in business regulations, according to economists.
However, it now appears to need some help if it's going to continue to rewrite the record books. The Atlanta Fed's closely watched GDPNow tracker is pointing to just a 1.5% gain for the economy in the second quarter after a strong gain of 3.2% in the first quarter. The CNBC's Rapid Update survey puts the GDP tracking estimate at 1.8%.
All eyes will be on the jobs report on Friday for the state of the economy. Economists expect that 158,000 jobs were created in June, up sharply from the disappointing 75,000 in May, according to Refinitiv. The unemployment rate is expected to remain unchanged at 3.6%.
Wall Street seems to be divided on whether this expansion is going to last. Some believe the Federal Reserve will save the day through cutting interest rates, while some think additional stimulus cannot combat the looming downturn or that the Fed won't be aggressive enough to stave it off.
"We still do not see a recession, but we continue to worry more about downside risks than upside risks to the outlook," said Torsten Slok, Deutsche Bank's chief economist, in an email. "To counter the ongoing slowdown in the data and the uncertainty of how much longer the trade war will continue, we see the Fed cutting rates in July, September, and December."
The corporate earnings picture certainly doesn't look promising. Now 77% of companies issuing pre-announcements say their profits will be worse than Wall Street estimates, which marks the second-worst quarter on record going back to 2006.
— CNBC's John Schoen contributed reporting.