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 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
"There was a big inventory build in the third quarter, so it makes me think it's closer to 3 [percent] than to 4 [percent] in the fourth quarter," Hassett said on "Squawk Box." "I think you lose about a half a percent."
On Friday, the government's first estimate of third-quarter gross domestic product showed a faster-than-expected annual growth rate of 3.5 percent.
The data revealed that growth was powered in part by stronger-than-expected consumer spending, which helped cover for stagnant capital spending.
Asked whether that's a sign of at least 3 percent growth nearing an end, Hassett gave a definitive "no." But sustainable growth, he contended, must be supported by business investments because consumption is "less durable."
If Hassett's estimates hold, and there are no revisions, GDP growth for all of 2018 would be around 3 percent. The economy posted advances of 2.2 percent and 4.2 percent respectively in the first and second quarters.
As the Federal Reserve considers raising interest rates for a fourth time this year, investors have grown apprehensive about a possibly more aggressive tightening path next year.
In turn, the stock market has suffered wild swings. While starting the week trying to reverse Friday's decline, the still stands to suffer a rough October unless things really rebound by the end of the month on Wednesday.
Hassett, himself a former senior economist for the Fed, refused to offer advice about how the central bank should act. Yet, he did offer some general insight.
"When you have a lot higher economic growth, those natural rate of interest models tend to give you higher interest rates as well," he said. "But where it all ends up, that's up to the Fed."
The Fed under Chairman Jerome Powell has faced sharp criticism from Trump, who wants central bankers to stop hiking rates. Trump has argued the stronger growth in the economy is not causing problematic inflation.