Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
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Microsoft founder Bill Gates takes an aggressive approach to investing, despite being the second richest person in the world.Wealthread more
Viacom chief executive officer Bob Bakish is not worried about competition in the streaming space, on the heels of its merger with CBS.The Faber Reportread more
Consumers could pay an average 15 to 20 cents more per gallon for unleaded gas by the end of the month following the attack on Saudi oil installations.Market Insiderread more
Bob Bakish, the head of a newly combined CBS and Viacom, said he was "disappointed" by both stocks' reaction to the recent deal.The Faber Reportread more
Elliott Management may not see John Stankey as a future leader at AT&T, but bailing on him before he executes his integration plan has the potential for disaster.Technologyread more
"I think that will give the market a sense that they cleared another hurdle and maybe we can get back to an honest rally," Cashin, UBS director of floor operations at the New York Stock Exchange, said on "Squawk on the Street."
Cashin said that any more weakness in the market could send the S&P 500 down to as low as 2,822. But a bounce from there could signal sustainable strength in stocks, he added. The index opened Wednesday at 2,861.
Shortly after Wednesday trading began on Wall Street, the S&P 500 dipped and then climbed past 2,880 in fits and starts as the 30-year Treasury yield went below 2% again, hitting a record low.
In August, as of Tuesday's close, the S&P 500 was down nearly 3.75%, risking a second monthly decline in 2019. However, the index so far this year was still up 14.5% and just over 5% off July's all-time highs.
Cashin also responded to President Donald Trump's Wednesday morning tweet, in which he said the Federal Reserve "cannot 'mentally' keep up with the competition — other countries."
Cashin said traders won't react much, especially compared with past Trump posts that have caused the stock market to drop.
"That kind of tweet is relatively harmless. He can abuse the Fed all he wants," Cashin said. "What spooks the markets is if he gets into trade talk again."
The president has repeatedly called for the central bank to lower interest rates further.
The market expects the Fed to cut rates again next month, after reducing the cost of borrowing money in July for the first time in more than a decade. Central bankers hiked rates four times last year.