NEW YORK (CNNMoney)
After taking out fresh records on Tuesday, U.S. stocks started flat to slightly lower on Wednesday morning.
The early action threatens to halt Wall Street's three-day string of record closes and the Dow Jones industrial average's five-day winning streak.
The Dow and S&P 500 ticked just narrowly lower, while the Nasdaq suffered slightly larger losses.
The retail sector is in focus today, headlined by Sears Holdings (SHLD, Fortune 500).
Sears climbed 1% after revealing plans to either unload its 51% stake in Sears Canada or sell the brand north of the border entirely. The announcement comes as Sears struggles to stem the bleeding in its core business.
Macy's (M, Fortune 500) logged quarterly earnings that topped estimates by a penny, but the department store's revenue trailed expectations as same-store sales fell 1.6%. All that said, Macy's stock rose 1% in early trading after the company hiked its dividend by 25% and boosted share buyback plans by $1.5 billion.
Related: Don't blink: Stocks race past milestones
Outside the retail world, tractor company Deere (DE, Fortune 500)reported profits and sales that topped forecasts, but the company dimmed its outlook amid declining equipment sales. Sodastream International (SODA) lost some of its fizz, sliding 2% after the company disclosed a 28% tumble in American sales. Those losses offset growth overseas.
Sony (SNE) slumped 6% after showing sales rose but projecting a full-year loss of $489 million, its sixth in seven years. The Japanese electronics maker said a big reason behind the jump in sales was favorable foreign exchange rates.
Related: Fear & Greed Index
Shares of Fossil (FOSL), best known for its watches and jewelry, dropped 7% as investors expressed disappointment over the company's declining profits and soaring expenses.
After-the-bell earnings are on tap from Cisco Systems (CSCO, Fortune 500) and SeaWorld Entertainment (SEAS). Retailers Wal-Mart (WMT, Fortune 500) and J.C. Penney (JCP, Fortune 500) will steal the earnings spotlight tomorrow.
Some of the biggest loser stocks on the Nasdaq include Keurig Green Mountain (GMCR) and Tesla Motors (TSLA), two of the big momentum movers dented by the recent rotation into value stocks.
Inflation hawks may finally have something to crow about. The Labor Department said producer prices popped 0.6% in April, good for the biggest jump since September 2012. Economists had modeled for a softer increase of 0.2%.
Investors will get to see whether or not producers passed those higher prices down to customers on Thursday when the government releases its consumer price index.
The Dow Jones industrial average and S&P 500 finished at record highs again Tuesday. The S&P 500 touched 1,900 for the first time ever, while the Dow closed at about 16,715. The Nasdaq underperformed its peers, ending down about 0.3%.
Related: CNNMoney's Tech30
European markets were mostly lower in midday trading. Shares in GlaxoSmithKline (GLAXF) were moving down after China charged a former executive with arranging a bribery scheme.
Asian markets closed mixed.
First Published: May 14, 2014: 9:48 AM ET
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