Stocks peel back from all-time highs

Stocks (^DJI, ^GSPC, ^IXIC) are peeling back a bit here from all-time highs as energy and financials weigh. But tech is outperforming—again. Catch The Final Round at 4 p.m. with Jen Rogers, Yahoo Finance markets correspondent Myles Udland and Peter Borish of the Quad Group.

Winners and losers

Let’s take a look at some of today’s winners and losers. Stocks in the red today include Ambarella as Pacific Crest downgraded shares of the chipmaker to sector weight citing valuation; Credit Suisse as Swiss authorities reprimanded the bank for its involvement with Malaysia’s troubled 1MDB fund; and Buffalo Wild Wings, with shares dropping as Wedbush downgraded it to underperform claiming the upcoming proxy vote as irrelevant as “neither alternative offers a viable solution” for the wing chain’s fundamentals.

Stocks on the move higher include Tivo after it received a favorable patent ruling against Comcast; Symantec as Barclays upgraded shares to overweight, citing improved enterprise security offerings; and Card Connect, with shares jumping as the payment processor will be bought by rival First Data in a $750 million deal.

‘The End of the Theory’ author on banks and the financial crisis

Economists don’t have the right tools to predict the next financial crisis according to our guest, Richard Bookstaber. A former SEC regulator and risk manager, his new book is “The End of Theory: Financial Crisis, The Failure of Economics and The Sweep of Human Interaction.”

Looking ahead

  • At 10:00 a.m. ET, we’ll get pending home sales for April. Economists are expecting sales to rise 0.5% month over month, an improvement over the negative reading in the prior month.
  • We’ll have speeches during the day from both the Dallas Fed’s Robert Kaplan and the San Francisco Fed’s John Williams.
  • Finally, ExxonMobil will hold its annual shareholder meeting in Dallas. One contentious issue is that management is urging shareholders to vote against a resolution that would force Exxon to publish a long-term portfolio impact report from global climate change policies.
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