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Jim Cramer: Stocks Are Overrunning Price Targets

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Let's take a look at the markets.

Lifting market optimism Wednesday were hints from Democratic and Republican leaders that they were looking for ways to bridge the wide gap in their stalled coronavirus stimulus negotiations.

House Speaker Nancy Pelosi suggested Democrats could make more cuts to their $3.5 trillion relief proposal.

More: Jim Cramer Says Stimulus Shutdown Could Make July the Economic Peak

But it's not all good news. Sentiment was dampened by comments from President Donald Trump that he called off last weekend's trade talks with China.

Target posted much stronger-than-expected second-quarter earnings. Digital sales rose nearly 200% from last year as shoppers flocked to the few stores that remained opened throughout the coronavirus pandemic.

Target said comparable-store sales growth of 24.3% in the second quarter was the strongest it has ever reported.

And Lowe's posted second-quarter earnings and sales that beat analysts' expectations as consumers focused on DIY projects during the coronavirus pandemic.

Same-store sales at the home-improvement retailer jumped 34.2%, well above forecasts of 16.3%, and U.S. same-store sales soared 35.1%. 

So, what's Jim Cramer and his team at Action Alerts PLUS watching in the markets?

Watch the full video above for more.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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