Stock market news: Opening bell, August 23, 2018

Traders
work on the floor of the New York Stock
Exchange.
Reuters/Brendan
McDermid

Here is what you need to know.

The bull market in stocks is now the longest
ever. The equity bull market is now the longest
on record, as measured by its rise from the trough hit in
March 2009, at 3,453 days.

Some Wall Streeters say all the people celebrating the stock
market’s longest-ever bull run are doing it
wrong. Not everyone on Wall Street agrees that
the bull market that started in March 2009 just became the
longest in history. 

The US and China just imposed new tariffs as trade tensions
continue to escalate. The US and China slapped
a 25% tariff on another $16 billion worth of each other’s goods
in what is the latest escalation of the tit-for-tat trade war.

The Kansas City Fed’s annual Jackson Hole Symposium kicks off on
Thursday. It is Fed Chairman Jerome Powell’s first
as head of the central bank and the theme will be “Changing
Market Structure and Implications for Monetary Policy.”

Saudi Arabia is reportedly calling off what would have been the
world’s largest IPO. Saudi Arabia has called
off plans to take state-owned oil giant Saudi Aramco to public
markets in what was rumored to be an initial public offering with
a valuation of up to $2 trillion, Reuters says.

The SEC rejects 9 proposals for bitcoin
ETFs. The US Securities and Exchange Commission
rejected five exchange-traded funds from Direxion and
two each from GraniteShares and ProShares, Reuters
reports.

Tim Cook is closing in on a big payday. Apple’s
CEO is set to earn 560,00 shares on Friday, worth more than $120
million at Wednesday’s closing price of $215.05, as part of his
compensation plan that is tied to the company’s
performance.  

Stock markets
around the world are mixed. Hong Kong’s Hang
Seng (-0.49%) trailed in Asia and France’s CAC (+0.16%) is out
front in Europe. The S&P 500 is set to open little changed
near 2,862.

Earnings reports keep coming. Alibaba reports
ahead of the opening bell while Gap, Ross Stores, and VMware are
set to release their quarterly results after markets close. 

US economic data is heavy. Initial claims will
be released at 8:30 a.m. ET before FHFA home prices cross the
wires at 9 a.m. ET. Then, at 9:45 a.m. ET, Markit manufacturing
and services PMIs are released before new home sales are due out
at 10 a.m. ET. The US 10-year yield is up 1 basis point at
2.83%.