
The bull market in U.S. stocks that everyone expects to keel over with exhaustion is back to baffling everyone with its resilience. It can’t keep happening, right? Perhaps -- though a bear case based on that reasoning has been a loser. Since April 2016, when this advance became the second-longest ever, gains in the S&P 500 total 19 percent. That’s a lot to miss because you thought the clock was running out. If anything, the market’s ability to bounce back is getting stronger. It took just three days for the S&P 500 to retrace all but 3 points of last Thursday’s 36-point tumble, among the fastest rebounds from a sharp drop in two years. “For some investors, the sheer age of this cycle is enough
U.S. stock futures were heading lower on Thursday, as investors digested the latest Federal Reserve minutes and President Donald Trump’s disbanding of a pair of his business advisory panels. Investors also focused on earnings from retail heavyweight Wal-Mart, as well as jobless claims and Philly Fed data. Futures for the Dow Jones Industrial Average YMU7, -0.25% were down 66 points, or 0.3%, to 21,962, while those for the S&P 500 index DAX, -0.14% fell 7.75 points, or 0.3%, to 2,462.50. Futures for the Nasdaq-100 index NQU7, -0.46% traded 32.50 points, or 0.5%, lower at 5,892. The small losses come after stocks closed moderately higher on Wednesday, with the Dow DJIA, +0.12% ending in positive
Walmart continues to be a major retail story. Walmart’s (WMT) second-quarter results beat expectations, but third-quarter guidance was a bit tepid. Importantly, US comparable store sales climbed 1.8%, which was a bit better than the 1.7% growth expected.