Here Are 3 Hot Things to Know About Stocks Right Now

  • The S&P 500  and Nasdaq  set record closes for the fourth straight trading day Wednesday.
  • Second-quarter U.S. GDP was revised to up 4.2% from an initial estimate of 4.1%.
  • Dick's Sporting Goods Inc. (DKS)  fell 2% after second-quarter sales at the retailer came in below analysts' estimates.

Wall Street Overview

Stocks surged Wednesday, Aug. 29, as second-quarter U.S. GDP growth was revised upward to 4.2% and as investors shrugged off concern over the ongoing trad dispute between Washington and Beijing.

The Dow Jones Industrial Average  rose 61 points, or 0.23%, to 26,125; the S&P 500   rose 0.57% to close at 2,914.04; and the Nasdaq  gained 0.99% to end at 8,109.69. 

In the U.S., the second estimate for second-quarter GDP was revised to annual pace of 4.2% up from an initial estimate of 4.1%. 

"Anything near 4.0% should be viewed favorably by (Wall Street), as it shows the continued power of our economic engine," said Mike Loewengart, vice president of investment strategy at E*Trade Financial Corp. "Today's estimate should also serve as another lesson to shelve geopolitical noise and focus on the fundamentals, which are nothing if not strong."

Wednesday's gains suggest investors aren't as concerned about possible delays in reducing trade tensions with China and slowing growth in the world's second largest economy.  China's state-controlled commission mandated to direct its growth said Wednesday that a "bigger effort" will be needed in order to meet second-half and full-year targets.

Amazon.com Inc. (AMZN)  shares rose 3.4% and set an intraday high on Wednesday after Morgan Stanley lifted its price target on the online retailing giant, citing expanding sales margins and its dominant cloud computing business. 

Morgan Stanley analyst Brian Nowak lifted his price target by 35% to $2,500 a share on Wednesday, while keeping his "overweight" rating on the stock in a client note that included an upgrade for Google parent Alphabet Inc. (GOOGL) . Nowak said the group's high growth, high-margin revenues -- such was web services, advertisng and subscriptions -- give it room to both invest and generate higher profits for investors over the near term.  

Amazon and Alphabet are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AMZN or GOOGL? Learn more now.

Dick's Sporting Goods Inc. ( DKS)  fell 2.2% after second-quarter earnings beat analysts' estimates but total sales and same-store sales missed estimates. The retailer also said it expects full-year same-store sales to fall 3% to 4%, more than consensus estimates of down 0.8%.

Hewlett Packard Enterprise Co. (HPE)   fell 0.3% after the IT hardware giant's fiscal third-quarter earnings and sales beat analysts' forecasts. The company said it expects fiscal fourth-quarter adjusted earnings of 39 cents to 44 cents a share; analysts are calling for 42 cents.

Tilray Inc. (TLRY) rose 21% on Wednesday after the cannabis company reported that second-quarter sales surged 95.2% from a year earlier to $9.7 million and topped estimates of $9 million.

Box Inc. (BOX) shares fell 11% on Wednesday after the cloud company issued a third-quarter earnings estimate that was wider than analysts' forecasts.

Express Inc. (EXPR)   fell 0.6% despite the retailer swinging to a profit in its fiscal second quarter and raising its outlook for the fiscal year.

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