Whew. How is it only Wednesday?

It's been a busy week. 

We received earnings from Real Money Stock of the Day Levi Strauss (LEVI) and we're also hearing from Federal Reserve Chair Jerome Powell as he testifies in front of the House of Representatives Financial Committee Wednesday.

The Markets

The S&P 500 hit a high of 3,000 Wednesday after Powell, in his prepared remarks, hinted at a possible rate cut. 

"Powell gave us a real Christmas in July," Jim Cramer noted. 

"What he basically said was because of part of policies by the government, he may have to cut. Now, I think may have means that he will and therefore we may lose the inverted yield curve that's going to bring buyers back," he continued.

Levi Strauss's Earnings

Levi reported its second earnings since it IPO'd earlier this year. 

However, the company fell short of the Street's expectations.

Levi's, on an adjusted basis, earned $69 million, or 17 cents a share, including $29 million of costs associated with the San Francisco company's initial public offering in April. Analysts had been expecting earnings of 15 cents a share.

The company noted that it thinks that there may be a slow down of sales going into the second half of the year. 

"So...You can't pay 22 times earnings for a company that disappoints like that. Remember forecast is more important than numbers," he said.