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 announced Monday that it's 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 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
Google CEO Sundar Pichai says while the company will work to remove as much harmful content as possible, it can't remove all of it.Technologyread more
"That's my view. They'll cut preemptively in June. That is to say Wednesday," says the Grant's Interest Rate Observer newsletter editor.Economyread 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
The average correction for the since World War II lasts four months and sees equities slide 13 percent before bottoming, according to analysis at Goldman Sachs and CNBC.
The broad market index fell into correction Friday, but closed just 9.6 percent below the all-time intraday high it clinched on Sept. 21, 2018; the index fell 1.7 percent for the session. The Dow Jones Industrial Average, meanwhile, is more than 8 percent off its own record high and fell nearly 300 points Friday. Wall Street defines a correction as down more than 10 percent from a high.
Bear markets — defined as a 20 percent fall in stocks — average a loss of 30.4 percent and lasts 13 months; it takes stocks 21.9 months on average to recover.
"It's a bad sign that oversold markets not bouncing," Michael Hartnett, Bank of America Merrill Lynch's chief investment strategist wrote. "The inability of oversold markets to bounce suggests investors worried by either systemic financial market event or recession."
Tech has been especially slammed this week. The Nasdaq Composite dropped 1.7 percent Friday, led lower by Amazon and Google-parent company Alphabet, which dropped 6.7 percent and 2.2 percent, respectively. Both tech giants released quarterly earnings that topped analyst estimates, but revenues fell short.
"Asset carnage is cross-market and has infected U.S. tech leadership," Hartnett pointed out, adding that the asset class is oversold and classify as a bull trade. He also named lower oil and wider credit spreads as recession "tells" and reasons to stay bearish.
Hartnett warned last month that the "Great Bull" market that began at the bottom the financial crisis is dead. The strategist highlighted rising interest rates, slower economic growth and excessive amounts of debt.