CNBC’s Jim Cramer said Friday he thinks Apple’s stock can sink further and cautioned retail investors against going all in on the tech giant’s coronavirus-driven pullback. While Apple has warned the coronavirus will prevent it from meeting its own guidance for the March quarter, Cramer said he still believes in Apple’s long-term prospects. He said he wishes he could tell investors the iPhone maker’s stock has reached its nadir in a tumultuous stretch for financial markets. But the coronavirus ou

Following the worst week for stocks since the financial crisis, UBS’s Jason Katz said Friday investors should “take a deep breath” and have a moment of introspection over the weekend. Katz’s appearance came on the heels of a tumultuous week for financial markets as investors reacted to growing concerns over the economic consequences of the coronavirus. For many individual investors, Katz said the most appropriate action is little action at all. “The best trade, at a minimum, is no trade,” Katz s

How the biotech stocks are faring amid the coronavirus fearsMichael Yee, Jefferies managing director, joins ‘Power Lunch’ to discuss how biotech stocks are faring amid the coronavirus outbreak.

Ligand CEO on how company’s helping find a cure for the coronavirusJohn Higgins, Ligand Pharmaceuticals CEO, joins ‘Power Lunch’ to discuss how the company’s drug discovery technology is helping with the race to find a cure for the coronavirus.

However, stocks might still be searching for a bottom next week when investors grapple with a slew of economic data potentially dragged down by the outbreak. “It will take time for the ‘hard’ economic data to show the impact but we are already seeing evidence in early economic indicators.” Jim Paulsen, chief investment strategist at the Leuthold Group, is worried about the cascading effect of coronavirus hitting upcoming economic data points. “ISM manufacturing is going to be widely scrutinized,

U.S. oil prices experienced their steepest weekly fall since 2008 as the spread of the coronavirus stokes fears of slowing global demand. Investors are increasingly worried as the virus has spread beyond its epicenter in China to more than 40 other countries. U.S. crude has fallen about 16% for the week, the biggest weekly decline since December 2008. Benchmark Brent crude, which fell about 2% on Thursday, has shed around 13% this week, putting it on track for its steepest weekly decline since J

Apple CEO Tim Cook said on Thursday that he believes that China is getting the situation related to the COVID-19 coronavirus under control. “I mean, if you look at the numbers, they’re coming down day by day by day. Apple shares were down more than 1% on Friday. Cook appeared confident, calling the coronavirus a “temporary condition” and “not a long term kind of thing.” “Everyone knows we’re buying shares and when the stock is lower you get more shares for the same money,” Cook said.

ORLANDO, Fla. — Tesla and SpaceX CEO Elon Musk predicted Friday that the Chinese economy will eventually surpass the United States’ by at least two-fold – which would up the ante between the nations’ massive militaries. Because China’s population is about four times larger than the United States, Musk said it would lower the barrier for China to surpass in economic size. The United States has roughly 330 million people, according to the U.S. Census, while China has more than 1.3 billion people.

A new Pininfarina SpA Battista luxury hypercar sits on display on the opening day of the 89th Geneva International Motor Show in Geneva, Switzerland, on Tuesday, March 5, 2019. BMW, Porsche and Bentley are debuting their hottest new cars online after organizers of the Geneva International Motor Show canceled the 11-day event set to start Thursday, over the coronavirus outbreak that’s quickly spreading across the world. BMW CEO Oliver Zipse will livestream a press conference for the global debut

A federal appeals court on Friday delivered two blows to the Trump administration’s immigration policy, ruling against a program to force migrants seeking asylum to wait in Mexico and against a rule severely limiting the number of migrants who were eligible for asylum. In a long-awaited decision, the 9th Circuit Court of Appeals reinstated a block on the policy forcing migrants seeking asylum in the U.S. to wait in Mexico while their cases play out. The court also upheld a block on a rule seekin

A Google employee has tested positive for the coronavirus at an office in Switzerland, and the company is now restricting staff travel to Italy, Japan, Iran and South Korea, which have all seen the virus spread. “We can confirm that one employee from our Zurich office has been diagnosed with the coronavirus,” a Google spokesperson confirmed to CNBC’s Deirdre Bosa. “They were in the Zurich office for a limited time, before they had any symptoms. Google’s Zurich office will remain open, a spokespe

Rolls Royce said sales in China, its second largest market after the U.S., were hit especially hard as many parts of the country effectively shut down over the coronavirus. “It’s not quite zero, but its pretty close to it,” said Torsten Muller-Otvos, CEO of Rolls Royce Motor Cars. “I fully understand that people in these circumstances have other things to think about than to buy a Rolls Royce.” And since 80% of Rolls Royce buyers own or run a company, they react quickly to declines in the global

ORLANDO, Fla., — Bringing Turkey back into Lockheed Martin’s F-35 program, following the nation’s messy multibillion-dollar deal with Russia, would be a colossal task for the Pentagon’s top weapons supplier. Last year, Turkey accepted delivery of the Russian-made S-400, a mobile surface-to-air missile system, that is said to pose a risk to the NATO alliance as well as Lockheed Martin’s F-35 stealth fighter jet. On the heels of the delivery, the United States cut Turkey’s participation in the F-3

Before this week’s tumble, the recent low point for the 10-year yield had come at 1.37% in July 2016. The 10-year yield is a key measure throughout the economy because it used to anchor interest rates for other debt. For example, a falling 10-year rate often leads to lower mortgage rates. Low rates on governments are not just an American phenomenon. Guggenheim’s Scott Minerd said that a continued environment of loose monetary policy from Central Banks could send U.S. interest rates down even fur

Federal Reserve Chairman Jerome Powell said Friday the central bank is monitoring the coronavirus for risks it poses to the U.S. economy and pledged action if necessary. “The fundamentals of the U.S. economy remain strong,” Powell said in a mid-day statement. “However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. The market recovered some of its losses after the Powell statement

U.S. health officials said Friday that federal agencies are increasing coronavirus testing capabilities at state and local labs, and plan to streamline the process for private development of test kits. The Trump administration plans to release guidelines “very soon” that will expedite the commercial development of test kits, Health and Human Services Secretary Alex Azar told reporters in front of the White House on Friday. The CDC, she said, also rolled out guidelines for how state and local hea

Instead, they describe market trading volume about where it should be. Retail clients have been largely calm, even amid a fusillade of red breathtaking in its speed and indiscriminate in its direction as virtually all areas of the stock market are getting smashed. You just have to deal with it,” said Michael Cohn, chief market strategist at Atlantis Asset Management. “It’s been incredibly orderly,” JJ Kinahan, chief market strategist at TD Ameritrade, told CNBC. “The market is waiting for peak p

A trader reacts on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 5, 2019. The coronavirus wiped $3.18 trillion in market value from U.S. stocks this week, according to estimates from S&P Dow Jones Indices. The S&P 500 index has lost $3.58 trillion in value from its Feb. 19 high. Stocks cratered again on Friday as investors fled riskier assets amid intense fears about a slowdown in global growth caused by the deadly coronavirus. Stocks ended the day off their lows, ban

(This story is for CNBC Pro subscribers only). Leuthold Group chief investment strategist Jim Paulsen said the rapid sell-off in the United States stock market reminded him of the dramatic downturn in 1987. I’d say of all of them that I’ve seen or been through, it really reminds me of 1987,” Paulsen said on CNBC’s “The Exchange.” All major U.S. indexes fell again on Friday, extending losses from earlier in the week. The decline marked the fastest correction for the S&P 500, with the index fallin

(This story is for CNBC Pro subscribers only). The U.S. stock market will likely bounce back higher than it was before the coronavirus sell-off by the end of the year, Galaxy Digital CEO Michael Novogratz said on Friday. “I don’t think we’ve seen the high of the year in equities, unless (the outbreak) really puts us into a depression,” Novogratz said on CNBC’s “Closing Bell.” The U.S. stock market suffered its worst week since 2008, with the Dow Jones Industrial Average dropping 12%. The index c