While the stock market’s slump has stopped for now, we’re not exactly getting a rootin’-tootin’ rally.

Hantec’s Richard Perry sees “markets in summer mode, waiting for signals out of Jackson Hole and unwilling to take any major view,” referring to the Wyoming powwow for central bankers that starts Thursday.

It’s not all quiet though, as Amazon’s stock AMZN, -2.24% just unraveled further, leaving the e-commerce juggernaut at a three-month closing low. And all sorts of traders see the recent slide continuing, combining to deliver our call of the day.

Chart lovers say Jeff Bezos’s baby has etched a head and shoulders, a pattern that they believe presages more pain:

Or the chart might even show a “wicked witch hat top” that signals a tumble to $825, says trader and writer Jeff Macke, half jokingly:

Looking at fundamentals in the retail sector, Seeking Alpha scribe DoctoRx says more investors could sour on Amazon as they note that traditional retailers have reported progress in e-commerce, store-based sales and their click-and-collect efforts.

Wal-Mart WMT, +0.57% is matching Amazon in the “blimp-style floating warehouses” race. Overall, the Bentonville behemoth has been saying “bring it” to Amazon, as a MarketWatch story puts it. Plus, Wal-Mart’s Jet.com unit is literally bringing it to customers’ homes:

Amazon’s shares are up slightly in premarket action this morning. That follows yesterday’s finish at $953.29, which marked the lowest close since mid-May for the FAANG stock — and a 9.5% drop from last month’s closing high at around $1,053. It’s still up 27% for the year.

Key market gauges

Futures for the Dow US:YMU7 , S&P 500 US:ESU7 and Nasdaq-100 US:NQU7 are edging higher, after the Dow DJIA, -3.38% and S&P SPX, -2.64% inched up yesterday, while the Nasdaq Composite COMP, -2.18% lost ground.

It’s been mostly a sea of green in Europe SXXP, -3.02% and Asia. The dollar DXY, +0.85% is gaining, while gold US:GCZ7 and oil US:CLU7 are falling.

See the Market Snapshot column for the latest action.

The buzz

It’s been woo-hoo for WUBA bulls. Shares in the so-called Craigslist of China — 58.com WUBA, +0.32% — are little changed in premarket action after soaring 20% yesterday. That leap followed better-than-expected unaudited financial results, as Barron’s notes.

Medtronic MDT, -3.82% and Toll Brothers TOL, +0.55% posted earnings before the open, while Salesforce CRM, -1.99% and Intuit INTU, +0.66% are due to report after the close. Read a preview of Salesforce earnings here.

A surge in vanilla prices could hurt the boring/wealthy folks who buy high-end vanilla ice cream.

In London, Provident Financial’s stock PFG, -7.65% has plunged by more than 70% after another profit warning, and as CEO Peter Crook leaves.

The chart

Schwab

Is it not so bad after all? “The analyst consensus estimate for earnings per share over the next twelve months for the world’s companies (measured by the MSCI All Country World Index 892400, ) has risen back to $30 again for the fourth time in 10 years,” says Schwab’s Jeffrey Kleintop as he shares the chart above. “The strongest and broadest global economic growth in years supports a lift in earnings above $30 for the first time ever,” he adds.

The quote

Key Moments From Trump's Afghanistan Speech

“To my colleagues in Congress, you will own a ‘no’ vote. The next 9/11 will be your fault, not President Trump’s fault, if you shoot down this plan, because this is a solid plan.” — GOP Sen. Lindsey Graham really goes for it as he praises Trump’s speech last night on America’s next moves in Afghanistan.

Read:Trump steps up fight against Taliban, declares end to nation-building

The stat

7 years — That is how long it is until America’s next eclipse, if you missed it yesterday. “Traveling a different path from the 2017 eclipse, the total eclipse will be visible in Mexico, the central U.S. and east Canada,” CNN says.

Random reads

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Why collisions between large ships still happen.

An ambush ends when a judge and probation officer return fire.

Visual Capitalist’s latest looks at AI’s economic impact:

What you could do with your eclipse glasses:

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