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T3's Take 3: Markets Rally Hard After Fed Minutes


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

Today on T3 Live

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US Markets

Today saw the release the of the Fed Minutes from September's meeting. 

The Minutes revealed that the rate hike was put off due to growing global risks to their growth and inflation outlooks. China was singled out as a source of concern. 

The FOMC said domestic economic conditions continued to improve, and the labor market was close to long-run unemployment estimates. 

Following the release of the Minutes, stocks rallied hard, pushing the S&P 500 to 2013.43, up 0.9% on the day.

The dollar initially fell, but bounced back, as did US Treasury yields.

Energy stocks were notably strong today as crude oil broke through the $50 mark. 

Materials stocks also performed well, as did transports, industrials, and utilities.

World Equity Markets

The Shanghai Composite opened today after being closed for a week-long national holiday. It finished up 3%, while the Hong Kong Hang Seng slipped 0.7%.

Japan's Nikkei fell 1% after disappointing economic data. Machine orders dropped 3.5%, indicating weakening corporate capital spending. Investors were expecting a rise of 4.2%. 

European stocks managed to keep their ralling going. Both the German DAX and French CAC finished up 0.2%.

The Bank of England released its rate decision, keeping its rates and asset purchase target unchanged as expected.

Glencore shares lost some steam after Canaccord Genuity cut its price target for the stock. 

GoPro Whalloped

GoPro (GPRO) shares received another punch from analysts today.

Today, Cleveland Research downgraded the stock to Neutral with a price target of $29.33. Cleveland said that its channel checks suggest that camera shipments appear to be deteriorating due to lackluster demand for new models, and declines in China and Europe.

GoPro shares fell 5.9% to $27.60 today following an 8% decline yesterday.

Key GoPro supplier Ambarella (AMBA) fell 9.1% in sympathy. 

Yesterday, Morgan Stanley cut its price target for the stock by nearly half, from $62 to $35. 

GoPro is expected to report earnings on October 30.

Friday's Financial Outlook

US economic news for tomorrow will include import price index, whole inventories & trade sales, and the Baker Hughes rig count.

Overseas economic data includes British total trade balance, and Canada's unemployment report.

There are no major earnings announcements on the calendar. 
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