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T3's Take 3: Markets Bounce Back Ahead of Earnings Season


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

Today on T3 Live

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US Markets

US stocks rallied ahead of earnings season.

The S&P 500 opened higher on overseas strength and positive action in commodities, but fell towards midday as oil prices declined. Oil prices dipped 1% after US crude inventories came in larger- than-expected.

However, the market regained momentum into the close and the S&P finished up 0.8% at 1995.83.

Biotech recovered intraday after a weak start, which helped keep the . The NASDAQ Biotechnology Index (IBB) finished up 2.0%

Emerging markets, housing, and cybersecurity stocks also performed well.

The dollar was mixed against most major currencies, falling against the yen, pound and Australian dollar, but gaining against the euro, and Canadian dollar. US bond yields rose slightly as investors opted for the rally. 

World Equity Markets

Asia continued to extend gains today.

The Nikkei finished up 0.8%. The index slowly dropped in the afternoon after the Bank of Japan left its stimulus program unchanged. Some analysts expected stimulus on mixed economic data.

Japan's energy index, the Inpex, rose 7.2%. Korea's Kopsi also gained 0.8% after Samsung jumped 8.7%. Samsung announced that it expects operating profit to rise by 80%, beating expectations.

Hong Kong's Hang Seng rallied 3.1%, boosted by energy gains. 

China's Shanghai Composite will resume trading tomorrow.

Europe gained slightly. The German DAX gained 0.7%, while the French CAC inched up 0.14%.

Automakers and miners saw the biggest gains.

Volkswagen (VW) shares saw a 7% jump as new CEO Matthias Mueller released details about the company's plans to move passed the emissions scandal.

YUM Tanks

Yum! Brands (YUM) plummeted after a disappointing earnings report, fueled by weakness in China.

Company executives admitted to missteps including focusing on higher-priced products. They also said that the Chinese economy can't be blamed for the issues.

The company missed earnings estimates by 7 cents, cent EPS. Sales numbers were also below expectations and the company also cut guidance.

YUM shares closed down 18.8% at $67.71.

Thursday's Financial Outlook

US economic data for tomorrow will include initial jobless & continuing claims, Bloomberg consumer comfort, and EIA natural gas storage.

The Fed will release minutes from its Sept 16-17 FOMC meeting.

Overseas economic data will include Japan's Eco Watchers survey, Swiss unemployment rate, German trade balance, Bank of England asset purchase target, and the European Central Bank account of monetary policy meeting.

Domino's Pizza (DPZ) will announce earnings before the open tomorrow. Alcoa (AA) release its earnings after the close, unofficially kicking off earnings season.
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