Stocks (^DJI, ^GSPC, ^IXIC) are a bit weak here near all-time highs, as a dollar drop weighs on the markets. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance markets correspondent Myles Udland.
Winners and losers
Stocks in the red today include Staples as the office supply retailer missed on revenue and reported a same-store sales dip; Pfizer as Citi downgraded it to sell, citing risks to its oncology drugs under Medicare Part D; and Dick’s Sporting Goods, with shares in the loss column today as the retailer missed on revenue and reported store sales that below expectations.
Stocks on the move higher today include AMD as it reportedly struck a deal with Intel to license its graphics chips; Twitter as co-founder Biz Stone says he’s coming back to the company with an unspecified role; and Etsy, with shares jumping after TPG and Dragoneer Investment Group each reported stakes in the online crafts marketplace, with TPG seeking strategic alternatives for it.
Trading a market near all-time highs
A setback to Donald Trump’s domestic agenda is the biggest threat to the markets at these levels, according to Mark Spellman, a portfolio manager at Alpine Funds, who joins us now.
At 10:30AM Eastern we’ll get crucial data for the oil trade with EIA’s crude inventory report. Last week inventories fell an unexpected 5.2 million barrels.
We’ll earnings reports from Target, L-Brands, and Cisco – with the networking giant’s report coming after the bell.
Finally the 70th Cannes Film Festival opens with the premier of ‘Ismael’s Ghosts’, starring Marion Cotillard and Charlotte Gainsbourg. Nicole Kidman stars in four movies this year, including Sofia Coppola’s ‘The Beguiled’, and John Cameron Mitchell’s ‘How to Talk to Girls at Parties.’ And Bong Joon-ho’s ‘Okja’ and Noah Baumbach’s ‘The Meyerowitz Stories’ mark the first Netflix films to premiere in competition at Cannes.