Stocks surge Wednesday | Fed’s Bullard on rate hikes | Is this a new bull market?

The three major averages rallied on Wednesday, lifted by strong earnings reports and solid economic data.

VIEW IN BROWSER | SUBSCRIBE WED, AUG 03, 2022 EVENING BRIEF AS OF WED, AUG 03, 2022 • 05:05 ET DJIA 32812.50 +1.29% +416.33 S&P 500 4155.17 +1.56% +63.98 NASDAQ 12668.16 +2.59% +319.40 Most Active DOW NAME LAST CHG %CHG AAPL 166.13 +6.12 +3.82% INTC 36.52 +0.51 +1.42% MSFT 282.47 +7.65 +2.78% S&P 500 NAME LAST CHG %CHG AMD 98.09 -1.20 -1.21% F 15.69 +0.53 +3.50% AAPL 166.13 +6.12 +3.82% NASDAQ NAME LAST CHG %CHG AMD 98.09 -1.20 -1.21% AAPL 166.13 +6.12 +3.82% AMZN 139.52 +5.36 +4.00% EDITOR'S NOTE Stocks posted a rebound rally Wednesday, with the S&P 500 erasing losses from earlier in the week. All three major averages gained after economic data showed the services sector did better than expected in July. Investors seemed to shrug off fears that the U.S. is in a recession.   St. Louis Federal Reserve President James Bullard reinforced this sentiment, saying on CNBC's "Squawk Box" that he does not think the U.S. is in a recession, citing job gains and low unemployment.   Strategists are now debating whether the current gains in stocks are another bear market rally or are the start of a new bull market.   Julian Emanuel of Evercore ISI thinks these gains are a blip and that ultimately, we haven't yet seen the bottom yet for stocks. He pointed to signs that growth is slowing as one of several headwinds for stocks.   He's expecting volatility in September, with stocks potentially retesting June lows.   On the flip side, an analysis of breadth indicators from Ned Davis Research showed that market's rally could be the start of a new bull cycle.   Since June 17, as many as 52.8% of the stocks the firm covers have hit 21-day highs. In the same timeframe, as many as 17.3% of those stocks hit 63-day highs and as many as 76.6% traded above their 50-day moving averages.   These indicators are above maximum median readings generally seen during bear market rallies. They are also outperforming breadth usually seen at the start of bull markets. Carmen Reinicke | Investing Reporter at CNBC Pro @csreinicke Watch our live stream for all you need to know to invest smarter. Watch Live TOP NEWS Stocks rally to reverse two-day slide, surging on rosy earnings results and economic data Fed's Bullard sees more interest rate hikes ahead and no U.S. recession Market technicals point to June low being the start of a new bull The $300 billion meme stock that makes GameStop look like child's play These charts show why we may not be in a recession CVS says it plans to get into primary care by year-end The confusing job market: Tech and finance brace for the worst, retail is mixed, travel can't hire fast enough Pelosi's trip to Taiwan is like 'pouring salt in an open wound for China', Stephen Roach says There's a new favorite stock among retail traders — and it's linked to Warren Buffett New York's ritzy Hamptons plays host to over a dozen political fundraisers this month as midterms approach TOP VIDEO Oil prices could hit $115 per barrel by end of 2022, says Tortoise's Rob Thummel CNBC PRO This options strategy for earnings is returning 38% — and Goldman says there's still time to try it SPECIAL REPORTS Mass layoffs and hiring freezes: Just 9% of tech workers feel secure about their jobs right now Parents are spending a lot more on back-to-school shopping, even if it means going into debt Unsubscribe Digital Products Manage Newsletters Feedback Terms of Service Privacy Policy Join the CNBC Panel © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal.   900 Sylvan Avenue, Englewood Cliffs, NJ 07632   Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis.   Data also provided by THOMSON REUTERS