Dow in Unaccustomed Losing Streak

Futures are pointing to a lower open on Wall Street and an extension of a three-day losing streak for both the Dow and the S&P 500. The Dow had not lost ground for three straight sessions during 2013 until yesterday. The slump in futures follows a 6.4 percent plunge for Japan's Nikkei Average, which is now in bear market territory at 20.4 percent below its May 22 peak.

The pace of economic releases accelerates today, with three reports out at 8:30 a.m. ET. Economists expect initial jobless claims to come in at 346,000 for last week, unchanged from the prior week. Consensus forecasts are calling for a 0.4 percent increase in May retailer sales, after a 0.1 percent April increase. We'll also get May data on import and export prices.

At 10 a.m. ET, the government is expected to report a 0.3 percent increase in April business inventories, which had been unchanged in March.

At 10:30 a.m. ET, the Energy Department releases its weekly look at natural gas inventories.

The Treasury will sell $13 billion in 30-year bonds today, with the results of that sale available shortly after 1 p.m. ET.

H&R Block (HRB) leads our list of stocks to watch, with the tax preparation company reporting fiscal fourth quarter profit of $2.42 per share, 19 cents below estimates. Revenue also fell short as the company's tax services business did not perform to expectations.

PVH (PVH) earned $1.91 per share, excluding certain items, for its first quarter, well above estimates of $1.35. Revenue was essentially in line for the clothing maker, and it's adjusted its current quarter forecast to $1.35 per share, in line with Wall Street estimates. PVH is benefitting from increased sales for its Tommy Hilfiger and Calvin Klein brands.

Apple (AAPL) is reportedly considering iPhones with bigger screens, as well as cheaper models, according to Reuters.

Five Below (FIVE) earned $0.05 per share for the first quarter, one cent above estimates, with revenues also beating consensus. The discount retailer is also guiding its current quarter results above Street estimates, thanks to improving same store sales.

Safeway (SWY) is selling its Canadian operations to Sobeys, the largest grocery chain in the Canadian province of Alberta, for $5.7 billion. Safeway will use the proceeds to pay down debt and buy back stock.

AutoZone (AZO) has announced an additional $750 million stock buyback program. The auto parts retailer also said Executive VP/General Counsel Harry Goldsmith will retire next January.

Men's Wearhouse (MW) earned $0.65 per share for the first quarter, ten cents above estimates, with revenues also beating analyst estimates. The clothing retailer's results were helped by a boost in tuxedo rentals, stemming from an earlier Easter.

Clearwire (CLWR) is now supporting a buyout offer from Dish Network (DISH), switching from its earlier support for a takeover by majority shareholder Sprint Nextel (S). Dish is offering $4.40 per share for the wireless network operator.