Here Are 3 Hot Things to Know About Stocks Right Now

  • Stocks rose Thursday with investors looking to the Federal Reserve for monetary policy guidance with Chairman Jerome Powell scheduled to speak Friday at the annual Jackson Hole Economic Symposium.
  • Nordstrom (JWN - Get Report) rose after the Seattle-based retailer reported fiscal-second-quarter results ahead of analyst expectations. Nordstrom is Real Money's Stock of the Day.
  • Dick's Sporting Goods (DKS - Get Report) surged after the retailer reported fiscal second-quarter sales that beat analysts' forecasts.

Wall Street Overview

Stocks rose Thursday with investors looking for guidance on monetary policy from Federal Reserve Chairman Jerome Powell, who is scheduled to speak Friday at the annual Jackson Hole Economic Symposium.

The Dow Jones Industrial Average up 147 points, or 0.56%, to 26,350, the S&P 500 climbed 0.34% and the Nasdaq advanced 0.25%.

Boeing (BA - Get Report)  , JPMorgan Chase  (JPM - Get Report)  and Goldman Sachs (GS - Get Report) were leading the Dow's advance.

Federal Reserve officials saw the economy as "resilient" in July, even as they voted to cut interest rates for the first time in more than a decade based on worries about the possible impact on business confidence from President Donald Trump's trade war with China, according to the Fed minutes that were released on Wednesday.

"The FOMC meeting minutes were a mixed bag for bulls," said Gorilla Trades strategist Ken Berman. "Although the members of the committee confirmed Chairman Jerome Powell's 'midcycle adjustment' narrative regarding the July rate cut, the Central Bank's stance seems flexible enough to deal with risks posed by the trade war and the global economic slowdown."

The three-day annual Jackson Hole Economic Symposium began Thursday. The theme for the event this year in Jackson Hole, Wyoming, is "Challenges for Monetary Policy." Powell is scheduled to make a speech on Friday.

Trump kept up his attack on the Federal Reserve Thursday, complaining on Twitter that while Germany sells 30-year bonds offering negative yields, "Our Federal Reserve does not allow us to do what we must do."

"They put us at a disadvantage against our competition," Trump wrote. "Strong Dollar, No Inflation! They move like quicksand. Fight or go home!"

Germany sells 30 year bonds offering negative yields. Germany competes with the USA. Our Federal Reserve does not allow us to do what we must do. They put us at a disadvantage against our competition. Strong Dollar, No Inflation! They move like quicksand. Fight or go home!

— Donald J. Trump (@realDonaldTrump) August 22, 2019

Shares of Nordstrom (JWN - Get Report) rose 10.2% to $29.24 after the Seattle-based retailer reported fiscal-second-quarter results ahead of analyst expectations. Nordstrom is Real Money's Stock of the Day.

Dick's Sporting Goods ( DKS - Get Report)   climbed 3.9% to $34.26 after the Pittsburgh-based retail chain reported fiscal second-quarter sales that beat analysts' forecasts.
 

BJ's Wholesale Club (BJ)  shares climbed 13.3% to $25.55 as the chain known for its bulk discount prices beat analysts' earnings estimates.

 

Salesforce (CRM - Get Report) is scheduled to report earnings after the market closes Thursday. Analysts expect the enterprise cloud computing solutions company to report earnings of 47 cents per share on $3.95 billion in revenue. Shares were up slightly to $147.96.

Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 209,000 for the week ended August 17, the Labor Department said. Data for the prior week was revised to show 1,000 more applications received than previously reported. Economists had expected claims to drop to 216,000 in the latest week.

On the energy front, Brent crude contracts were up 24 cents and selling at $60.54 per barrel, while West Texas Intermediate contracts, which are more tightly linked to U.S. gas prices, were 49 cents lower at $56.17 per barrel.

Salesforce, JPMorgan Chase, and Goldman Sachs are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells these stocks? 

Save 57% With Our Labor Day Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor! Click here to sign up!