Stock market today, May 22, 2014: Yesterday (Wednesday), the Dow Jones Industrial Average closed with a triple-digit jump after no surprises emerged from the U.S. Federal Reserve's April meeting minutes.
Here's what to watch in the stock market today:
Retail Woes Continue: Shares of Best Buy (NYSE: BBY) slipped by more than 3.4% on Thursday after the company failed to meet first-quarter margins. The company reported quarterly same-store sales had slipped by 1.3% as new competition and mobile and online sales hindered business. Meanwhile, Sears (Nasdaq: SHLD) slid by more than 3.5% in early trading on news that the company planned to close more than 80 stores this year.
The Big Hack: As we reported yesterday, eBay Inc. (Nasdaq: EBAY) requested that its 145 million subscribers change their passwords on their site. However, they failed to offer a reason. Finally, late yesterday, the company admitted that hackers had broken into its records. The hackers stole passwords from all of its accounts, making this one of the largest online security breaches in U.S. history.
Today's Economic Calendar: Today's economic data includes initial jobless claims, which offer a first glimpse into expectations for the May employment report. Existing homes sales will follow later, in addition to a speech by San Francisco Fed President John Williams on trade.
Merger Mania Hits Again: A deal is heating up between tobacco giant Reynolds American Inc. (NYSE: RAI) and its rival Lorillard Inc. (NYSE: LO), according to Reuters. Reynolds and Lorillard are the second- and third-largest tobacco companies in the U.S., following Altria Group Inc. (NYSE: MO). Check back later this afternoon for more details on this potential deal...
About That Happy Meal: A day after protestors stormed the company's headquarters, McDonald's Corp. (NYSE: MCD) will host its annual shareholders' meeting. The company is expected to address global protests from fast-food workers over minimum wages, child-targeted marketing, and executive compensation.
Next Man Up: Yesterday, the U.S. Senate confirmed Former Bank of Israel Governor Stanley Fischer to join the board of the U.S. Federal Reserve. The Senate will also soon vote on whether Fischer, who was recently nominated by President Barack Obama, will be elevated to succeed Janet Yellen as the central bank's next vice chair.
Earnings Reports: Stay tuned for earnings reports to affect the stock market today. Here are the most notable: Royal Bank of Canada (NYSE: RY), GameStop Corp. (NYSE: GME), Marvell Technology Group Ltd. (Nasdaq: MRVL), Dollar Tree Inc. (Nasdaq: DLTR), Best Buy (NYSE: BBY),and Buckle Inc. (NYSE: BKE).
Full U.S. Economic Calendar May 21, 2014 (NYSE: all times EDT)
Jobless Claims at 8:30 a.m.
Chicago Fed National Activity Index at 8:30 a.m.
PMI Manufacturing Index Flash at 9:45 a.m.
Existing Home Sales at 10 a.m.
Leading Indicators at 10 a.m.
EIA Natural Gas Report at 10:30 a.m.
Kansas City Fed Manufacturing Index at 11 a.m.
3-Month Bill Announcement at 11 a.m.
6-Month Bill Announcement at 11 a.m.
52-Week Bill Announcement at 11 a.m.
2-Yr FRN Announcement at 11 a.m.
2-Yr Note Announcement at 11 a.m.
5-Yr Note Announcement at 11 a.m.
7-Yr Note Announcement at 11 a.m.
10-Yr TIPS Auction at 1 p.m.
San Francisco Fed President John Williams speaks at 4 p.m.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.