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MARKETS: Stocks slip as stimulus talks resume — YF Premium is bullish on Baidu (BIDU)

Yahoo Finance's Jared Blikre joins Myles Udland to break down the day's price action in stocks as well as a long in Baidu (BIDU), a Yahoo Finance Premium Investment Idea. Not a subscriber? Start your free trial to join our next webinar on Wednesday, September 2nd at 2:00pm ET live!

Video Transcript

MYLES UDLAND: All right, welcome back to "The Final Round" here on Yahoo Finance. Myles Udland with you in New York. Let's go over to Jared Blikre now for a look at this market about 25 minutes ago in today's trading session. Jared.

JARED BLIKRE: Yeah, we had all three majors in the red, but mostly chopping around the entire day. So let's take a look at some of the heat maps here, starting with the NASDAQ 100. And we can see to the left, the big cap tech names like Apple and Microsoft under water. Microsoft's down 1%, so is Amazon, weighing on consumer discretionary a bit. The communication service is doing well, with alphabet up 0.2% and Facebook up 1.7%. We noted some strength in the chip space before. AMD's up 2 and 1/2%, Micron up 2.3% ahead of its earnings after the bell.

But seeing more weakness in banks. And you take a stock like HSBC, which was up 10% yesterday, it's down 2.7% today. Goldman Sachs down 1%. Wells Fargo down 2%. And then a quick look at the energy sector, because seeing a lot of weakness there. And to the downside, Apache down 6%, Schlumberger down 4.75%. Murphy Oil, that's down to 3.8%, and on and on. We do have some in the green, but not any of those bigger firms.

Let's take a moment now to get to our Yahoo Finance Premium investment idea of the day, and this is a long in Baidu. This is based on a technical consideration. It's a bottoming triangle that they're noting. And if you're on the Yahoo Finance website, this is what it looks like. This is a year to date chart. And we can see this triangle in place right here.

Also, I would note that if we're looking for a stop, a cheap stop, probably one that's centered around the 50 or 200-day moving average, and I'll bring those up right now, these trading central ideas are brought to your email box every day if you're a Yahoo Finance subscriber. And here indeed, we do have that 200-day moving average. And that price target is $170. It's going to be way up. We'd have to go back five years to see when it last traded there. We can see almost traded up to $300 a couple years ago when it peaked.