Today’s Market Wrap Up and a Glimpse Into Thursday

Stocks continued their ascent on Wednesday, with all three of the major indices closing in the green. It was a big day for the S&P 500, which saw the 4,500 level for the first time, even if it closed slightly below that milestone while still in record territory. The Dow Jones Industrial Average closed up nearly 40 points while the Nasdaq set its second all-time high in as many days.

The gains were fueled by optimism that the economic recovery is on track with the tailwind of Pfizer’s FDA-approved COVID-19 vaccine.

Stock index futures held their own on Wednesday evening, suggesting that the good times could continue to roll on Thursday.

Stocks to Watch

• Salesforce shares are up nearly 2% in extended-hours trading on the heels of the company’s quarterly results, which included growing revenues and robust margins. Salesforce also completed its acquisition of messaging platform Slack. The company also raised its earnings and revenue outlook for fiscal year 2022.
• Shares of sporting goods retailer Dick’s Sporting Goods rallied 13% thanks to record quarterly results. Dick’s also announced a special dividend on top of a higher regular distribution and bolstered its share repurchase program.
• DraftKings was up more than 6% on the day. The sports-betting platform got a boost after Cathie Wood of ARK Invest became increasingly bullish on the stock. As sports betting becomes legal in more states, DraftKings could be poised to benefit for the long term. ARK’s Wood scooped up more than USD 60 million of DKNG shares. She is also bullish on Tesla, Roku, and cryptocurrency exchange Coinbase, among other stocks.
• Williams-Sonoma shares are climbing 12% higher in after-hours trading. The retailer’s Q2 earnings surpassed Wall Street estimates and provided an upbeat revenue forecast. Williams-Sonoma also lifted its quarterly dividend by 20% to USD 0.71 per share. The company is facing some supply chain issues but it did not get in the way of the stock’s rally.
• Delta Air Lines is requiring its employees to be vaccinated or they will face a USD 200 monthly payment for health benefits.

Look Ahead

The Fed’s Jackson Hole meeting will get underway on Friday. Investors are anxiously awaiting a glimpse into Chairman Jerome Powell’s thinking on asset purchases and consumer prices.