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Stock market today, Sept. 8, 2014: U.S. stock markets rallied Friday to end the week on a high note, with the S&P 500 and the Dow Jones Industrial Average both logging their fifth consecutive weekly gains.
Although a lackluster jobs report indicates that hiring slowed in August, with the economy adding a meager 142,000 jobs, investors saw a silver lining in the eight-month hiring low: The structural weakness in the jobs sector likely means the U.S. Federal Reserve will hold off on raising interest rates in the near term. The hiring markets received a boost over the weekend after supermarket giant Kroger Inc. (NYSE: KR) announced plans to hire more than 20,000 full-time employees.
On the international front, the United States and European nations plan to expand the sanctions against Russian companies to include three state-owned oil and gas firms, adding to a list set back in July. According to The Wall Street Journal, the sanctions will prevent these companies from raising capital of longer than 30-days maturity in Europe's capital markets. The sanctions will target oil transportation giant Transneft (OTCMKTS: TRNFF), the oil-production and refining arm of Gazprom OAO (OTCMKTS ADR: OGZPY), and Rosneft Oil Co. (OTCMKTS: RNFTF).
Here's what else you should know to make your Monday profitable:
- The IPO of the Year: Chinese e-commerce giant Alibaba Inc. (NYSE: BABA) could unleash the largest initial public offering in market history on Sept. 19 as the company has officially filed its initial price range per share. Its filing with the Securities Exchange Commission reveals a price range between $60 and $66 per share – setting a likely target of cash raised to roughly $20 billion, while its market cap at the high-end would be roughly $166 billion. The company will officially kickoff its road show today. As part of an agreement, tech giant Yahoo! Inc. (Nasdaq: YHOO) plans to reduce its holdings in Alibaba from 22.4% to 16.3% when the Chinese tech giant goes public. The Alibaba IPO has drawn a lot of comparisons to Facebook Inc.'s (Nasdaq: FB) $16 billion IPO in 2012, but there's one clear winner between the two…
- Vroom Vroom: The future of driving will be safer and more interconnected than ever. Over the weekend, General Motors Co. (NYSE: GM) Chief Executive Officer Mary Barra announced the company would begin producing its first vehicle with the ability to communicate with other cars on the road, in turn reducing traffic congestion and auto accidents. The company is also working to roll out technology that facilitates hands-free driving, at the same time the industry boosts usage of sensors, radar, and onboard cameras to improve driving conditions.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.