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Market uncertainty is back

Volatile oil prices. China tariffs. Market swings.BlackRock executive Rick Rieder will address a full agenda o...

Posted: May 30, 2018 6:42 PM
Updated: May 30, 2018 6:43 PM

Volatile oil prices. China tariffs. Market swings.

BlackRock executive Rick Rieder will address a full agenda of topics on CNNMoney's "Markets Now" on Wednesday.

Rieder is a managing director and the global chief investment officer of fixed income for BlackRock. He joins CNNMoney anchor Maggie Lake during an interesting week.

It's been a volatile period for oil. Prices surged to their highest level in over three years last week. Now prices are slumping. US crude oil futures have dropped by nearly 10% to trade around $66.50 per barrel, down from about $73 last week.

Prices fell after Saudi energy minister Khalid Al-Falih said he was in intensive discussions with Russia and other OPEC nations to pump more oil to ease global supply concerns.

Rieder has argued that if the OPEC and Russia production cuts remain in place, and if other conditions are upheld, crude oil could remain in the $70-range - and that high price might not be so bad for consumers.

On Monday, Rieder had called OPEC's and Russian oil production as a "pillar" or support for energy prices. But he tweeted last week that the pillar "appeared to show cracks."

Related: Oil prices are falling fast. Here's why

On Tuesday, the White House said it plans to impose 25% tariffs on $50 billion worth of goods from China. The government added that it will place new limits on Chinese investments in US high-tech industries.

Some business leaders have warned that the tariffs could result in a trade war, which could raise prices on goods and end up hurting consumers.

Also on Tuesday, the market dropped around 400 points following a political crisis in Italy.

Despite all this uncertainty, Rieder still says there are opportunities in this market.

"Considering a lack of discernible trading momentum, heightened volatility and a diminished ability to hedge, one might feel an overt pessimism toward today's market opportunity set," he wrote in a blog post last month. "Not us; we perceive a half-full glass."

Related: Watch 'Markets Now' here every Wednesday at 12:45 p.m. ET

CNNMoney's "Markets Now" streams live from the New York Stock Exchange every Wednesday at 12:45 p.m. ET. Hosted by Lake and CNNMoney editor-at-large Richard Quest, the 15-minute long program features incisive commentary from experts. Recent guests include former Chrysler and Home Depot CEO Bob Nardelli and Bitcoin bull Mike Novogratz.

You can watch "Markets Now" at CNNMoney.com/MarketsNow from your desk or on your phone or tablet. If you can't catch the show live, check out highlights online and through the Markets Now newsletter, delivered to your inbox every afternoon.

- CNN's Alanna Petroff, Donna Borak and Nathaniel Meyersohn contributed to this report.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 289303

Reported Deaths: 3434
CountyCasesDeaths
Hennepin616511100
Ramsey25903487
Anoka20522218
Dakota20096183
Washington13066109
Stearns1291098
St. Louis7935101
Scott782754
Wright702436
Olmsted626134
Sherburne538640
Clay463856
Carver432213
Blue Earth387112
Rice386033
Kandiyohi373819
Crow Wing334631
Nobles298729
Chisago29358
Otter Tail282818
Benton278642
Winona258128
Mower241323
Douglas237631
Polk234423
Morrison219524
Lyon201911
McLeod195610
Beltrami194615
Becker187512
Goodhue185727
Steele17826
Itasca176124
Isanti174316
Todd171612
Carlton165710
Nicollet150823
Freeborn14465
Mille Lacs141630
Le Sueur138110
Waseca134011
Cass12849
Brown125011
Pine12458
Meeker11308
Roseau10503
Hubbard103822
Martin101920
Wabasha9611
Redwood83718
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Chippewa8057
Watonwan7984
Cottonwood7682
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Wadena7376
Aitkin69826
Rock6829
Pipestone67818
Houston6422
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Yellow Medicine59311
Pennington5856
Kanabec54912
Murray5493
Swift5366
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Clearwater4536
Marshall4438
Jackson4361
Unassigned38759
Lake3816
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Red Lake2033
Kittson1917
Traverse1360
Lake of the Woods931
Cook600

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 222064

Reported Deaths: 2319
CountyCasesDeaths
Polk33019331
Linn13877164
Scott1085683
Black Hawk10730134
Woodbury10159121
Johnson935536
Dubuque907691
Story669721
Dallas624657
Pottawattamie612469
Sioux364625
Webster353033
Marshall343545
Cerro Gordo342644
Clinton319839
Buena Vista300014
Des Moines281719
Muscatine280968
Warren274011
Plymouth268941
Wapello251171
Jones227913
Jasper212443
Marion201719
Lee197916
Carroll195422
Bremer191312
Henry18037
Crawford173015
Benton166217
Tama152240
Jackson142113
Delaware140221
Washington137414
Dickinson134210
Boone134011
Mahaska125327
Wright12156
Buchanan115010
Clay11314
Hardin113010
Page11134
Hamilton10809
Clayton10715
Harrison106129
Cedar104913
Calhoun10487
Kossuth10236
Floyd102216
Mills10177
Fayette10159
Lyon10058
Poweshiek97913
Butler9746
Winneshiek95412
Iowa92312
Winnebago90223
Hancock8497
Louisa83916
Grundy83811
Chickasaw8354
Sac8297
Cherokee8134
Cass79721
Appanoose77310
Mitchell7704
Allamakee76811
Union7546
Humboldt7525
Shelby75010
Emmet74724
Guthrie73715
Franklin72921
Jefferson6852
Madison6734
Palo Alto6454
Unassigned6320
Keokuk5737
Pocahontas5532
Howard5419
Greene5160
Osceola5131
Clarke4774
Ida46813
Taylor4563
Davis4508
Montgomery44911
Monroe43712
Adair4298
Monona4212
Fremont3543
Van Buren3525
Worth3520
Lucas3216
Decatur3150
Wayne2957
Audubon2942
Ringgold2022
Adams1642
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