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 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 sectors this year, spiked 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
"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
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread 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
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
With the U.S.-China trade war showing no resolution in sight, hedge funds are steering away from battered tech and semiconductor stocks, while bottom fishing in health-care names, according to Goldman Sachs.
The fast money continued its rotation from tech to health care, according to Goldman's latest research looking at 835 hedge funds with $2.1 trillion in equity positions. Health care became by the end of the second quarter the biggest sector exposure for hedge funds at 18%, based on their latest regulatory filings, Goldman said.
"Funds took the policy-driven decline of Health Care stocks in 1H as an opportunity to lift the sector to the largest net overweight vs. the Russell 3000," Goldman strategist Ben Snider said in a note Wednesday. "Funds trimmed positions in semiconductors and other stocks exposed to US-China trade conflict."
Health-care stocks took a big hit earlier this year as political policy ideas such as "Medicare for All" were gaining momentum, which could hurt insurers and others in the space. Among hedge funds' top new holdings are pharmaceutical company Allergan, insurers Centene, Humana, WellCare Health Plans and Walgreens, according to Goldman. Centene and Walgreens both lost more than 25% in the past six months.
Hedge funds are "largely ignoring the risk of health care regulation that garnered investor attention early this year," Snider said. "Funds increased tilts toward Pharmaceutical and Managed Care stocks, the industries most exposed to policy risk."
Information technology is now the most underweight sector for hedge funds as they continue to trim exposures to companies with big sales in China, chip stocks as well as U.S.-listed China internet stocks, Goldman pointed out.
Chipmakers have been some of the trade war's biggest victims as the U.S. earlier this year blacklisted Chinese telecom giant Huawei, a big buyer of U.S. chips.
"Elevated valuations and the escalating US-China trade conflict have driven hedge funds away from the Tech sector since 2017," Snider said. "Funds have steadily reduced the share of market cap owned among the stocks most exposed to US-China trade conflict, such as semiconductors."