Jim Cramer Calls Virtual Jackson Hole a 'Nonevent'

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Stocks traded mixed in intraday trading on Wednesday following the S&P 500's fourth consecutive day of gains and another record high.

Investors have been watching the mixed signals on the strength of the economy as the U.S. reopens amid fresh outbreaks of the coronavirus. For instance, U.S. consumer confidence in August fell to the lowest since 2014, while new home sales in July surged 13.9%, greater than expected.

And then, on Wednesday, U.S. durable goods orders in July jumped 11.2% on strong demand for new cars and trucks. Excluding transportation, orders rose a smaller 2.4%.

But on Thursday, Wall Street gets a key speech from Federal Reserve Chairman Jerome Powell, which has taken on a new level of significance for financial markets.

Powell is expected to outline a newer, more flexible approach to inflation targeting, a move that could include allowing consumer prices to run hotter, for longer, in order to compensate for years of undershooting the Fed's preferred 2% target.

Due to COVID-19, Jackson Hole will all be virtual.

And Salesforce reported earnings. The company reported adjusted earnings in the second quarter that beat forecasts and revenue surged past $5 billion for the first time ever.

Watch the above to hear what has Jim Cramer calling Jackson Hole a non-event.

More: What Jim Cramer Is Watching at Jackson Hole

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