Stocks are coming off a positive start to the holiday-shortened trading week, with the Dow now up for a record 20 consecutive Tuesdays, and the Nasdaq equaling a record by rising for a 10th straight Tuesday. That quirky streak is solidifying a positive May for the major averages, something that hasn't occurred since 2009.
The market won't be spurred by positive economic news today as it was Tuesday, since there are no releases on the calendar for today. That pause comes ahead of a flood of data Thursday and Friday, including jobless claims, first quarter GDP, personal income, and consumer spending.
The retail industry highlights the short list of earnings reports out this morning, with Chico's FAS (CHS), DSW (DSW), Michael Kors (KORS), Movado Group (MOV), and Fresh Market on this morning's schedule (TFM).
Wal-Mart (WMT) is among our stocks to watch, with the retailer paying a fine of $81.6 million after pleading guilty to improperly disposing of pesticides and other hazardous products.
Apple (AAPL) CEO Tim Cook hinted that wearable devices are among the innovations coming from Apple in the future. Cook spoke Tuesday at the annual All Things Digital conference in Rancho Palos Verdes, California.
Sprint Nextel (S) and suitor SoftBank have reached a deal with U.S. regulators over security concerns surrounding the potential takeover of Sprint by the Japanese company, according to Reuters. The government would be allowed to veto purchases of new equipment by Sprint in certain situations. SoftBank has a deal in place to buy 70 percent of Sprint, although that deal is being challenged by a rival bid from Dish Network (DISH).
IAC/InterActive (IACI) is seeking buyers for Newsweek, according to trade publication Variety. Newsweek was bought by IAC in 2010, and stopped putting out a print edition last year.
Health Management Associates (HMA) chief executive officer Gary Newsome is retiring as of July 31, with the hospital operator's board beginning a search for his successor.
Amgen (AMGN) has signed an agreement Japan's Astellas Pharma to develop and sell new drugs in Japan.
Citigroup (C) has settled with the Federal Housing Finance Agency in a suit involving the purchase of $3.5 billion in mortgage-backed securities by Fannie Mae and Freddie Mac. The court filing that revealed the dismissal did not specify the terms of the settlement.
Wet Seal (WTSL) reported a first quarter profit, with the retailer also providing optimistic guidance for the current quarter amid better profit margins and lower expenses.