The summer has brought surprises, from personal achievements to price increases on car cleaning products. Earnings season is wrapping up, with Walmart, Target, and Home Depot set to report. The market’s upward trend may not solely be due to a potential 25 basis point rate cut in September.

The current earnings season has been strong, with 81% of S&P 500 companies reporting positive earnings and revenue surprises. Second quarter earnings growth is at 11.8%, marking the third consecutive quarter of double-digit growth for the S&P 500. Companies are also feeling less pessimistic about the economy.

Despite uncertainty, companies have shown resilience in the face of tariff impacts. Structural safeguards are being implemented to protect profits, potentially unlocking better earnings potential. Executives have swiftly adapted to mitigate supply chain disruptions, indicating ongoing efforts to navigate the current economic landscape. 1. The stock market reached record highs today, with the S&P 500 closing at an all-time high of 4,500 points. This surge was driven by strong corporate earnings and positive economic data, signaling confidence in the market’s future prospects.

2. In international news, tensions are escalating between Russia and Ukraine as Russian troops continue to amass near the border. The United States and European allies have expressed concern over the situation and are calling for a peaceful resolution to the conflict.

3. On the health front, a new study has found that the Pfizer-BioNTech COVID-19 vaccine is highly effective in preventing hospitalizations and severe illness from the Delta variant. This reaffirms the importance of vaccination in controlling the spread of the virus and protecting public health.

4. In entertainment news, the highly anticipated film “Dune” has received rave reviews from critics and is already generating Oscar buzz. The star-studded cast and stunning visuals have captivated audiences, making it a must-see movie of the year.

5. Lastly, in sports, the Tokyo Olympics have come to a close with Team USA finishing at the top of the medal table. Athletes from around the world showcased their talent and resilience in the midst of the ongoing pandemic, inspiring viewers worldwide.

Read more at Yahoo Finance: Why the stock market has been shocked this summer