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 sector this year, spiked on 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
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 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
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
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
The subpoeana from Manhattan District Attorney's Cyrus Vance Jr.'s , for President Donald Trump's tax returns, was issued last month to Trump's accounting firm, Mazars.Politicsread more
While the UAW has rejected the offer and sent roughly 48,000 of its workers out on strike, the EV truck is widely expected to remain part of an eventual settlement.Autosread more
While markets await a Saudi update, investors are likely asking how the kingdom left itself so vulnerable, and what it means for the future.Energyread more
The new chief of the Federal Aviation Administration says he plans to test out Boeing's software changes to the 737 Max in a simulator.Airlinesread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the stock market is headed "much higher."
The founder of Saut Strategy and former Raymond James chief investment strategist explained on "Squawk Box" that the market bottomed on Aug. 5 with a "90% downside day, meaning 90% of the total volume traded came in on the downside. [Then, we] had another 90% downside day on Aug. 14."
On Aug. 5, the Dow Jones Industrial Average plunged more than 767 points, or nearly 3%, and dropped as much as 961.63 points at one point. The S&P 500 declined nearly 3% and the Nasdaq Composite fell 3.5% after China allowed its currency to fall as retaliation against Trump's latest tariffs.
A week later, on Aug. 14, stocks tanked again in the Dow's worst performance of 2019 after the 10-year Treasury yield inverted and briefly fell below the 2-year yield, a move preceding every recession over the past 50 years. The Dow dropped 800 points, or 3%, which was the worst percentage drop of the year and fourth-largest point decline of all time.
"I think the lows were in. I think they were made on Aug. 5 at 2,822," Saut said. "We came back and retested that area twice, and [we've] not been able to make a lower low."
He said that since then, "[we've] had two almost 90% upside days. ... The market might be a little bit ahead of itself on a very short-term trading basis. But the market's going substantially higher."
While Saut sees the market stalling for a few sessions, he said, "I don't think any pullback is going to be that much."
"We think it's eventually headed much higher."
Since Aug. 14, the Dow has recovered most of its 800-point drop and S&P 500 and Nasdaq have also regained most of the losses.
On Tuesday, the Dow traded nearly 0.4% lower, falling for the first time in four days. The S&P 500 slid 0.5%, and Nasdaq Composite pulled back 0.4%.
Saut spoke to CNBC before the market opened.