- Reuters/Brendan McDermid
Here is what you need to know.
The bull market in stocks is now the longest ever. The equity bull market is now the longest on record, as measured by its rise from the trough hit in March 2009, at 3,453 days.
Some Wall Streeters say all the people celebrating the stock market’s record bull run are doing it wrong. Not everyone on Wall Street agrees that the bull market that started in March 2009 just became the longest in history.
The US and China just imposed new tariffs as trade tensions continue to escalate. The US and China slapped a 25% tariff on another $16 billion worth of each other’s goods in what is the latest escalation of the tit-for-tat trade war.
The Kansas City Fed’s annual Jackson Hole Symposium kicks off Thursday. It is Federal Reserve Chairman Jerome Powell’s first as head of the central bank, and the theme will be “Changing Market Structure and Implications for Monetary Policy.”
Saudi Arabia is reportedly calling off what would have been the world’s largest IPO. Saudi Arabia has called off plans to take part of the state-owned oil giant Saudi Aramco to public markets in what was rumored to be an initial public offering with a valuation of up to $2 trillion, Reuters says.
The SEC rejects 9 proposals for bitcoin ETFs. The US Securities and Exchange Commission rejected five exchange-traded funds from Direxion and two each from GraniteShares and ProShares, Reuters reports.
Tim Cook is closing in on a big payday. Apple’s CEO is set to earn 560,000 shares on Friday, worth more than $120 million at Wednesday’s closing price of $215.05, as part of his compensation plan that is tied to the company’s performance.
Stock markets around the world are mixed. Hong Kong’s Hang Seng (-0.49%) trailed in Asia, and France’s CAC (+0.16%) is out front in Europe. The S&P 500 is set to open little changed near 2,862.
Earnings reports keep coming. Alibaba reports ahead of the opening bell while Gap, Ross Stores, and VMware are set to release their quarterly results after markets close.
US economic data is heavy. Initial claims will be released at 8:30 a.m. ET before FHFA home prices cross the wires at 9 a.m. ET. Then, at 9:45 a.m. ET, Markit manufacturing and services PMIs are released before new-home sales are due out at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.83%.