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T3's Take 3: Q4 Starts as Crazy as Q3


Today's financial recap and tomorrow's financial outlook.

Today on T3 Live

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US Markets

US equities had a wild day on the first day of Q4.

The S&P 500 opened higher and hit 1927.1, before dropping in a straight line down to 1900.7 before bouncing back to finish at 1923.82, up 0.2%.

Utilities were the worst performers of the day., while health care and basic materials stocks saw the largest gains.

Tech stocks lagged due to weakness in Apple (AAPL), which was hit by media reports indicating that suppliers are reducing demand expectations for the new iPhone.

Economic data was mixed today. Jobless claims were slightly better than expected, while the September Markit US Manufacturing PMI slightly outperformed expectations.

Construction spending beat expectations, while the ISM Manufacturing was 50.2, below the 50.6 consensus forecast.

The US dollar fell slightly against major currencies. Treasury yields were up slightly. 

Apple Business

Digitimes reported that suppliers are concerned that Apple (AAPL) will scale down its orders during Q4, despite the company selling a record 13 million new iPhone 6s in last week's opening weekend. Digitimes' sources beleive that while shipments of the iPhone 6s are expected to reach 75-80 million during Q3, that number is expected to fall to 65-70 million during Q4.

Apple shares closed down 0.7%.

Sean Udall, manager of T3 Live's TechStrat report, stated that the unit numbers reported by Digitimes are actually far too high to make sense, and that he is growing even more bullish on Apple.

Click here to learn more about the TechStrat Report.

World Equity Markets

Asia started Q4 with a rally following yesterday's US market rally.

The Nikkei jumped 1.9% despite a survey by the Bank of Japan showing that large manufacturers are  less optimistic than expected.

Chinese markets were closed for holidays, but economic data was released. The government's PMI data came in slightly better than expected. Meanwhile, the Caixin/Markit PMI fell to a new six year low. 

The Korean Kopsi gained 0.8% on better-than- expected export data.

Australia's ASX rose 1.8% on a bounce in oil and copper commodity prices. The Hong Kong Hang Seng finished up 1.4%.

Europe's Q4 start was lackluster as telecom companies took a hit. The German DAX closed down 1.6%, while the French CAC dropped 0.7%. Dutch telecom firm Altice, dropped 9.3% after it launched a capital hike worth an estimated $2 billion to finance a takeover of Cablevision.

Subsequently, Deutsche Telekom, and Telecom Italia tumbled over 4%. Spain's PMI data fell to a near 2-year low. And Euro-zone manufacturing growth dipped last month with Markit PMI data coming in at 52.0 vs. the expected 52.3. 

Friday's Financial Outlook

US economic data for tomorrow will include the highly anticipated September NFP report, ISM New York, Factory Orders, and the Baker Hughes rig count.

Overseas economic data will feature British construction PMI.

There are no major earnings reports scheduled for tomorrow.
No positions in stocks mentioned.
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