Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
The Dow Jones Industrial Average rose slightly on Thursday as investors awaited a key speech from the Federal Reserve's top official.
The 30-stock index climbed 49.51 points, or 0.2% to 26,252.24 in a volatile session that saw it rise as much as 186.05 points and drop 103.72 points. Boeing's 4.2% gain pushed the Dow higher. The S&P 500 ended the day just below the flatline at 2,922.95 while the Nasdaq Composite slid 0.4% to 7,991.39.
Fed Chairman Jerome Powell is set to deliver a speech Friday at a yearly central banking symposium in Jackson Hole, Wyoming. The stakes are high for Powell as investors will look for hints that the Fed will cut rates in September. Market expectations for a September rate cut are at 93.5%, according to the CME Group's FedWatch tool. The Fed cut rates by 25 basis points in July, citing "global developments" and "muted inflation."
Powell's speech comes as President Donald Trump continues attacking the U.S. central bank, pressuring it to lower rates. On Thursday, Trump tweeted: "The Economy is doing really well. The Federal Reserve can easily make it Record Setting."
"Trump is forcing these guys to move, but they shouldn't be doing anything. You've got tight unemployment and companies coming out with pretty good earnings — especially the retailers," said Larry Benedict, founder of The Opportunistic Trader. "I would be very surprised if he signaled something very dovish only because it would be a slap in the face of an independent Fed."
The speech also comes amid heightened recession fears. The benchmark 10-year Treasury yield briefly fell back below its 2-year counterpart once again on Thursday. Weak U.S. manufacturing data added to worries of a recession. IHS Markit said manufacturing activity in the U.S. contracted this month for the first time in nearly 10 years.
These fears have battered stocks in August. The Dow and Nasdaq are both down more than 2% each this month while the S&P 500 has lost 1.9%.
"Traders right now are on pins and needles," said Art Hogan, chief market strategist at National Securities. "We always feel like we're on the precipice of something really bad happening because there's a slowing global economy and an ongoing U.S.-China trade war."
Hogan pointed out, however, that the Fed is ready to cut interest rates if the U.S. economy slows down considerably while the U.S. consumer remains strong.
Other Fed officials raised concern about how certain a September rate cut was. Kansas City Fed President Esther George told CNBC's Steve Liesman that the Fed should not have cut interest rates last month, stating that "it wasn't required in my view." George is a voting member on the Fed's policymaking committee.
Meanwhile, Philadelphia Fed President Patrick Harker said he does not see the need for another rate cut, noting the central bank should keep rates at this level "for a while." Harker is a nonvoting member on the central bank's policymaking committee.
"We've now had two trial balloons from Fed officials saying 'We don't see any reason to lower rates in September,'" said Sam Stovall, chief investment strategist at CFRA Research. "I think the Fed is trying to shake the bushes and see how would the market react if they did not cut rates at all."
Nordstrom shares jumped more than 15% after the retailer reported quarterly earnings and revenue that topped analyst expectations. The company cited "inventory and expense discipline" for the strong results.
Dick's Sporting Goods closed 3.6% higher on better-than-expected results for the previous quarter. Comparable-store sales, a key metric for retailers, topped analyst expectations. The company also raised its full-year forecast.
—CNBC's Sam Meredith and Jeff Cox contributed to this report.