On Tuesday, the S&P 500 hit an all-time high in intraday trading, though markets became muted following the fresh record.
Jim Cramer said the market action is playing out as expected as the S&P high likely triggered algorithmic selling.
The high comes as there are over 21.9 million cases of the coronavirus worldwide, with over 774,000 deaths.
According to Johns Hopkins, the U.S. has surpassed 5.4 million cases with over 170,000 deaths.
According to the COVID-19 Tracking Project, there were 37,817 new cases reported Thursday. 648,116 new tests were reported. And 407 deaths were reported yesterday.
U.S. housing starts jumped 22.6% in July from the previous month to a seasonally adjusted annual rate of 1.496 million amid record-low interest rates. The gains were the most since October 2016. Permits rose 18.8% from June
Home Depot, posted stronger-than-expected second-quarter earnings as sales far outpaced analysts' forecasts even amid the peak of the coronavirus pandemic. Same-store sales rose 23.4%, which is more than double analysts' forecasts for a 10.5% gain, as coronavirus lockdowns enticed more buyers to spend cash on home repair projects.
Walmart, meanwhile, smashed earnings expectations as online sales nearly doubled from last year. The world's largest retailer said e-commerce sales rose 97% from last year as Walmart introduced curbside pickup for online orders during the pandemic.