Stock

Good to know: It was the improper 12 months to promote and go in Could. The bull market seems to be "unstoppable," consultants say

If you sold and walked away in May, then you missed nearly 8% profit on the S&P 500
SPX,
+ 0.22%.
Price changes can change your mind – Wells Fargo raised its year-end S&P 500 price target by 25% this week.

Even a well-known bear seems to have thrown in the towel.

If you look at the economic indicators you would be amazed at the continued progress over the summer – US economic growth has more or less stabilized as the Delta variant destroys reopening plans and problems in the supply chain limit production. The news from China, the world's second largest economy, was worse, if anything. However, the final picture tells a different story: companies are using the pandemic to become more productive and are also skillfully coping with the supply disruptions.

“Maybe 4,500 are finally far enough. Or maybe 4,600 are just around the corner. Either way, we'll find out the answer soon enough. Until then, continue to give this unstoppable bull market the benefit of the doubt by moving our stops up and holding them, ”said Jani Ziedins of the Cracked Market Blog.

It feels a bit like a one-way street ahead of the Jackson Hole speech by Federal Reserve Chairman Jerome Powell on Friday. "Asset prices could move even if it comes close to expectations after Powell's speech," said Steve Englander, global head of G10 FX research and North American macro strategy at Standard Chartered. "If COVID concerns in Asia continue to subside and Powell doesn't shock on the restrictive side, there could be a risk-positive market move unsurprisingly," he says.

The buzz

The economic calendar includes the latest data on unemployment claims and the correction to second quarter gross domestic product, which economists expect to be upgraded from the initial 6.5%. The Bank of Korea became the first major central bank in Asia overnight to begin withdrawing incentives with a quarter point hike.

Salesforce.com
CRM,
+ 0.46%
increased its earnings and revenue guidance as the customer relationship management software company highlighted its margin and revenue growth. Williams-Sonoma
WSM,
+ 0.70%
rose in after-hours trading to a record earnings report for the home furnishings retailer and a 20% increase in its dividend. Snowflake
SNOW,
+ 0.85%
could gain ground after the database software company raised guidance for the second time this year. Autodesk
ADSK,
+ 0.35%
fell after the architecture software manufacturer's forecasts fell short of analysts' estimates.

Dollar general
DG,
+ 0.85%
is among the companies to show results today with a large post-trade tech results list, including HP
HPQ,
+ 1.70%,
Dell Technologies
DELL,
+1.31%,
Peloton interactive
PTON,
+ 2.23%,
VMWare
VMW,
+1.01%
and working day
WDAY,
+ 0.12%.

Western Digital
WDC,
+ 7.80%
is in advanced talks to merge with Japan's Kioxia Holdings, the Wall Street Journal reported.

The European Union will meet on Thursday to decide whether to reintroduce travel restrictions for US visitors.

The markets

US stock futures
ES00,
-0.09%

NQ00,
-0.21%
were stable. The return on the 10 year treasury
TMUBMUSD10Y,
1,350%
increased to 1.35%.

Random reads

This person hiked the Appalachian Trail. He is five.

The “ingenious” way of removing corn from the cob.

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