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 Here is what you need to know. US economic growth gets revised higher. The US economy grew at an annual rate of 4.2% in the second quarter, according to an advanced estimate released Wednesday by the Commerce Department. Air freight volumes point to a continued slowdown in global trade. Freight tonne kilometers — or the weight of volume transported multiplied by distance traveled — grew a seasonally adjusted 2.1% year-over-year in July, its smallest increase since May 2016, according to data released Thursday by the International Air Transport Association. One of Wall Street's most dreaded recession signals is being wildly distorted. The 2y10y yield curve in particular — and the difference between short- and long-term bonds in general — holds less predictive power than is widely believed, according to new research from the San Francisco branch of the Federal Reserve, cited by Bank of America Merrill Lynch. Salesforce earnings blow away Wall Street expectations, but guidance disappoints. Salesforce beat on both the top and bottom lines, but its adjusted third-quarter earnings-per-share guidance of $0.49 to $0.50 fell short of the $0.54 that Wall Street was expecting. Its adjusted EPS guidance beat for the full year. Panasonic is pulling its European headquarters out of the UK. The Japanese electronics giant plans to move its European headquarters to Amsterdam in an effort "to avoid potential tax issues" linked to Brexit, according to the Japanese media organization Nikkei. Survey Monkey announces plans to go public. SVMK, the parent of the online polling company Survey Monkey, filed for an initial public offering on Wednesday. It does not yet know how many shares it will offer or at what price. Qantas is convinced its new planes will fly nonstop from Sydney to London in 20 hours. Qantas' Project Sunrise involves configuring an aircraft so it can fly about 300 passengers and their luggage farther than any other regular service, with fuel in hand for unexpected headwinds and emergencies. Stock markets around the world are lower. China's Shanghai Composite (-1.14%) led the losses in Asia, and Germany's DAX (-0.96%) trails in Europe. The S&P 500 is set to open down 0.23% near 2,907. Earnings season has a last hurrah. Abercrombie & Fitch, Campbell Soup, Dollar Tree, and Dollar General report ahead of the opening bell, while American Outdoor Brands and Lululemon release their quarterly results after markets close. US economic data keeps coming. Personal income and spending and initial claims will all be reported at 8:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.88%. | 
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