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T3's Take T3: SPX Squeezes Its Way to the Green


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

Today on T3 Live

T3 Live cordially invites you to our first annual Finance Festival, scheduled for November 6-8 in sunny Miami, Florida.

Since we announced the event on July 8, we've added some very big names to the agenda, including:

-David Kotok, Founder and Chief Investment Officer of Cumberland Advisors
-David Rosenberg, Chief Economist of Gluskin Sheff
-Ivan Zinn, Chief Investment Officer of Atalaya Capital Management

Read about our expanded lineup here.

Overseas Markets

Asian shares finished the week mixed.

The Shanghai Composite finished up 0.1% on gains in the energy & tech sectors. Meanwhile, the Hong Kong Hang Seng lost 0.3%. Over in Japan, the Nikkei was slightly lower, closing down 0.2%.

European equities lost ground as investors remain cautious regarding the the Fed's policy meeting next week. German Finance Minister Schaueble warned that financial market bubbles may be forming., and European economic data was mixed. The German DAX closed down 0.9%, while the French CAC dropped 1.04%. Euro-bond yields were fell with investors moving towards safer assets.

US Rebound

US markets were up and down today. The S&P 500 opened lower, giving back some of yesterday's gains. Crude oil declined sharply after Goldman Sachs cut its price forecast, which hurt sentiment early on.

However, the index crawled up as the day went on, managing to finish up 0.5%. The utilities sector saw the highest gains as bond yields dipped. Consumer discretionary and information technology also performed well. Energy suffered due to the weakness in crude oil.

In economic news, PPI data came in better than expected, while the US dollar fell against major currency pairings, except for the British pound.

The Fed will be in close focus next week when it makes its next policy announcement.

Mixed Momentum

Momentum stocks had a rollercoaster day.

The major winner was Shake Shack (SHAK), which rallied 13.6% to $55.14, despite Cowen & Co inititiating coverage with a $42 price target and market perform rating.

Camera manufacturer GoPro (GPRO) dropped 4.3% on news that Director and President Anthony John Bates sold 27.13% of his stake in GoPro on September 8.

Key GoPro supplier Ambarella (AMBA) fell 8.2% in sympathy with GoPro.

Mobileye (MBLY), which produces driving-assist products for vehicles, rallied 3.3%, taking back some some of its losses from yesterday. Shares fell nearly 7% yesterday after short-selling research firm Citron Research published a note stating that the company's prospects are far worse than investors think.

Monday's Financial Outlook

There will be no US economic data releases on Monday.

Overseas economic data will be released throughout the weekend. On Saturday, China will release new yuan loans, and aggregate financing. On Sunday, China will release its retail sales, and industrial production. On Monday, the Euro-zone will release its industrial production, the Bank of Japan will release its monetary policy statement, and the Reserve Bank of Australia will release its meeting minutes.

There are no major earnings reports on Monday.
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