"I don't think we're having a recession," Trump told reporters.Marketsread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
"I don't want to do business at all because it is a national security threat," Trump told reporters.Technologyread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
Coinbase security chief Philip Martin explains, "Possession of a key is possession of your currency. What that means is that you can't revoke a cryptocurrency key, if that key...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Don’t be fooled. This market is weaker than it seems, according to David Rosenberg, chief economist and strategist at Gluskin Sheff.
The is up more than 5 percent in 2018, recovering from a correction earlier in the year. The broad index was also just 1.9 percent removed from an all-time high reached in late January as of Tuesday's close.
However, Rosenberg notes that while momentum stocks are lifting the market, "many subsectors are well off their highs: Homebuilders. Autos. Banks. Insurance. Consumer products. Telecom. Media. Transports. Utilities. Pharma. And many more.”
The S&P automobiles and components industry group is nearly 20 percent below its 52-week high, while insurance stocks are down 10.8 percent from their one-year high. The Dow transports index, meanwhile, is 6.5 percent below its one-year high.
“What has kept the market near record terrain are a mere six stocks — Alphabet, Apple, Amazon, Netflix, Microsoft and Facebook,” Rosenberg said in a note to clients Wednesday. “Strip out these six flashy stocks, and the overall market has done practically nothing year-to-date.”
Through mid-July, Alphabet, Apple, Amazon, Netflix, Microsoft and Facebook had contributed nearly 80 percent to the S&P 500’s gains. These six names have been on fire this year. Netflix and Amazon are up 86 percent and 57 percent in 2018, respectively. Microsoft and Facebook have both risen more than 20 percent while Alphabet and Apple have jumped 19.8 percent and 14 percent, respectively.
Rosenberg said such concentration in the stock market has not been seen since the late 1990s, just before the dot-com bubble burst. “We know from history how these cycles typically end.”