The record-breaking rally appeared to have run out of fuel, sending stocks modestly lower by late morning. On Wednesday, Wall Street had seen its best record-breaking streak in 25 years on hopes of tax reform. Kate Spade (KATE) rallied after announcing plans to explore strategic alternatives. The handbag company has hired consultants at Perella Weinberg Partners to investigate its options, which could include a sale. CBS (CBS) slipped after swinging to a loss in its recent quarter on lower ratings at the network. Advertising revenue fell nearly 3%, largely tied to three fewer Thursday Night Football airings. Adjusted earnings nudged past consensus. Cisco (CSCO) beat earnings estimates and raised its dividend. The networking company reported a 2% drop in quarterly revenue, though that came in higher than anticipated.
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Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.