It's about time to write off high-growth tech stocks, Goldman warned, saying software carries the highest multiples since the tech bubble.Marketsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
Boeing said the airline industry will need 44,040 new commercial airplanes by 2038. The market value of those planes would reach $6.8 trillion, up from $6.49 trillion...Airlinesread more
Sotheby's announces it has signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
Apple is reportedly building three new iPhones for 2020, including two with 5G. It may also slightly change the screen sizes of the new iPhones.Technologyread more
Overall, extortion by email is growing significantly, according to the FBI's Internet Crime Compliant Center (IC3). Last year, these complaints rose 242% to 51,146 reported...Technologyread more
Target's nationwide cash register meltdown over the weekend created more than $16 million in buzz on the internet from news reports and other social media mentions, according...Retailread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
The top court scrapped a ruling from the Oregon Court of Appeals in favor of the same-sex couple. The owners of the bakery, which refused the make the cake due to religious...Politicsread more
Amazon responded this morning to Democratic Congresswoman Alexandria Ocasio-Cortez's claim that it pays warehouse workers "starvation wages" in a tweet that says it pays...Technologyread more
The nation's homebuilders reported solid confidence in the housing market in June, but levels dropped slightly due to concerns over trade issues, the high costs of...Real Estateread more
The recent sell-off in stocks reflects fear that Congress will be remade in the upcoming election and pro-growth policies will fall by the wayside, according to White House advisor Larry Kudlow.
Kudlow, speaking to reporters outside the White House on Tuesday, blamed the market decline on the midterm elections. "I think the stock market is worried that Congress will change and will overturn these pro-growth policies," he said. The "correction has to overcome the uncertainty about this election."
But the October market drop seemed to be more about fears of slowing global growth and rising interest rates than anything to do with the election.
The Dow Jones Industrial Average fell more than 500 points on Tuesday and was on track for its worst month since August 2015, in volatile trading that saw broad-based declines. The tech-heavy Nasdaq is on track for its lowest close in nearly six months.
Dow component Caterpillar, which makes heavy equipment for farming and construction, fell 9 percent after saying its manufacturing costs rose because of higher material and freight expenses, which themselves were driven by higher steel prices and tariffs.
The Trump administration has slapped tariffs on imports of steel and aluminum from several countries and on billions of dollars of goods from China. At the same time, the Federal Reserve has hiked interest rates three times this year and is expected to raise again in December, sparking fears in the housing and construction sector that rising mortgage rates will choke off demand.
The Fed has moved on rates after years of historic lows to stay ahead of inflation. Unemployment is at decades-old lows and the economy is growing.