Stocks are losing steam as technology stocks turn lower in afternoon trading. The market had moved higher after Federal Reserve Chairman Ben Bernanke reiterated that reducing policy stimulus will depend on an improvement in the economic data.» Read More
Among the earnings stories for Tuesday, May 21, from AP Business News:. _ Best Buy Co., the electronics retailer, reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.
Dudley-Bullard: one-two dovish punch fuels rally. It's no secret most of the Street has been trying to anticipate the anticipated Fed "tapering" of bond purchases.
While 94 percent of the companies in the Standard & Poor's 500 Index have already reported quarterly earnings, this week remains a key week for the retail industry with 24 retailers reporting earnings—12 of which are S&P 500 components.
Autozone Inc. rose $23.79 or 5.8 percent, to $432.84. Bed Bath& Beyond Inc. rose$. 84 or 1.2 percent, to $68.19. Best Buy fell $1.32 or 4.9 percent, to $25.49.
Take a look at some of Tuesday's midday movers:
*Home Depot raises outlook, shares hit record intraday high. *JPMorgan shares hit highest since February 2001. NEW YORK, May 21- U.S. stocks gained on Tuesday as a record intraday high for Home Depot helped lift the blue-chip Dow, but investors were cautious a day ahead of congressional testimony from Federal Reserve Chairman Ben Bernanke.
NEW YORK, May 21- Stock markets around the world edged higher on Tuesday amid signs of improving growth, even though questions about monetary policy limited gains. The euro was slightly higher, though a slowdown in British inflation sent sterling to a 7- week low on the view it could give the Bank of England more leeway to support the economy.
*Home Depot raises outlook, shares jump. NEW YORK, May 21- U.S. stocks were little changed in early trading on Tuesday with Home Depot at a record high and buoying the blue-chips while investors eyed congressional testimony from Fed chairman Ben Bernanke on Wednesday.
*Shares flat ahead of Bernanke testimony on Wednesday, Home Depot rallies. That has made Wednesday's release of minutes from the central bank's last meeting and Fed chairman Ben Bernanke's testimony in Congress the main focus for markets waiting for the first signs of a clear shift in attitude.
Autozone Inc. rose $14.64 or 3.6 percent, to $423.69. Bed Bath& Beyond Inc. rose$. 68 or 1.0 percent, to $68.03. Best Buy fell$. 29 or 1.1 percent, to $26.53.
Traders will be listening for clues about possible tapering off of quantitative easing when two Fed presidents speak later on Tuesday.
*Home Depot raises outlook, shares jump. *Goldman Sachs sees S&P 500 at 1,750 by year-end. "Given there's not a lot of economic news coming out today, it looks like we're set up for a pretty' nothing' day," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
Some of the names on the move ahead of the open.
U.S. futures signaled a flat-to-lower Wall Street open on Tuesday, as markets in Europe and Asia remained cautious ahead of Federal Reserve chief Ben Bernanke's testimony to the Senate.
*Home Depot raises outlook, shares jump. *JPMorgan shareholders to decide on Dimon's chairmanship. *The housing market recovery helped Home Depot report higher quarterly sales and earnings, prompting the world's largest home improvement chain to boost its sales outlook for the year.
A nascent recovery in the housing market helped Home Depot report higher quarterly sales and earnings on Tuesday.
May 21- Home Depot Inc reported higher-than-expected quarterly results and boosted its sales and profit outlook for the year as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market.
May 21- A nascent recovery in the housing market helped Home Depot Inc report higher quarterly sales and earnings on Tuesday, prompting the world's largest home improvement chain to boost its sales outlook for the year. Net earnings rose to $1.2 billion, or 83 cents a share, in the first quarter ended on May 5 from $1 billion, or 68 cents a share, a year earlier.
Earnings from several retailers are a highlight Tuesday, but, for traders, the Fed will remain the focus all week.
Autozone Inc. fell $2.24 or. 5 percent, to $409.05. Bed Bath& Beyond Inc. fell $1.77 or 2.6 percent, to $67.35. Best Buy fell$. 09 or. 3 percent, to $26.81.