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T3's Take 3: Markets End the Week with a Rollercoaster Ride


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

Today on T3 Live

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US Markets

US markets had a volatile day that saw the S&P 500 ultimately finished up 0.4% at 2033.11.

Stocks started off strong after industrials General Electric (GE) and Honeywell (HON) rallied after their respective earnings reports this morning.

But markets broke down intraday as biotechnology and small cap stocks sold off.

However, in the last 2 hours of trading, buyers caem back in and pushed the market back into the green.

Social media stocks rallied after former Microsoft (CEO) announced he took a 4% stake in Twitter (TWTR). Health care and retail stocks also performed well. 

Industrial production data was in-line with expectations, while manufacturing production was just ahead of consensus.

University of Michigan Sentiment came in at 92.1, ahead of the expected 89 reading.

JOLTS jobs openings showed the number of jobs available declined to 5.37 million in August. Analysts were expecting 5.6 million jobs. 

Bond yields were up slightly. The 10-year US Treasury yield was flat at 2.023%.

Alibaba Moves Gets Big in Video

Alibaba (BABA) has decided to expand its presence in the video market. The firm announced that it will fully acquire Youku Tudou (YOKU) for about $3.5 billion.

Previously, Alibaba had owned a 18.3% stake in Youku Toudu.

After the acquisition, Youku Tudou will be taken private. According to Reuters, Alibaba will be looking to acquire more of China's YouTube-like services. 

The acquisition isn't expected to affect American companies like Alphabet (GOOG), and Facebook (FB), as those companies are banned or heavily censored in China.

However, other big name Chinese video companies such as Baidu (BIDU), and (SOHU) are viewed as potential acquisition targets for Alibaba or competitors.

Alibaba shares rose fractionally today.

World Equity Markets

Asian equities extended yesterday's gains on investor optimism of further stimulus from China and Japan.  

The Shanghai Composite finished the week up 1.6%. Many investors will be watching a number of Chinese economic data points twhich will be released Sunday. Hong Kong's Hang Seng gained 1.6%. 

Japan's Nikkei rose 1.1%. Most gains were in real estate, with Tokyu Fudosan rising 5.2%. Financials also rallied, with most major banks climbing about 1% each. The Korean Kopsi fell 0.2%. 

European stocks also perfeormed well.

Monday's Financial Outlook

The lone US economic data point for Monday will be the NAHB Housing Market Index.

Overseas, on Sunday, China will release its GDP numbers, retail sales, and industrial production numbers,

Genuine Parts (GPC), Halliburton (HAL), Hasbro (HAS), Lennox Intl (LII), M&T Bank (MTB), Morgan Stanley (MS), Valeant Pharma (VRX) will report earnings before the open on Monday.

Celanese (CE), Crown Hldgs (CCK), Flex (FLEX), IBM (IBM), Steel Dynamics (STLD) will release their earnings after the close. 
No positions in stocks mentioned.
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