Markets

Stocks decline from record highs

Stocks are edging lower this morning after another record close yesterday.

S&P 500 futures are off less than 0.1 percent. European indexes are mixed, with Milan up 0.7 percent and Paris down 0.4 percent. Asia was mostly lower in the overnight session.

The S&P 500 has gained in five of the last six sessions, pushing above 1900 for the first time ever. The gains have come amid a relatively quiet calendar of events. Even with bad news like yesterday's disappointing gross-domestic product report, its negative effect was offset by lower-than-expected jobless claims. Next week's agenda is much busier, with key global manufacturing numbers, central-bank news and employment data. (See researchLAB 's integrated calendar for a full rundown.)

Gains have been spread across many sectors and industries, with no single group dominating performance. Yesterday saw a return to materials, emerging markets, and energy, while consumer-discretionary, technology, and small-cap names have been strong in the last two weeks. Financials remain the biggest laggards.

Today brings a few events of modest importance: Brazilian gross domestic product at 8 a.m. ET, personal income and spending at 8:30 a.m. and the Chicago purchasing managers index at 9:45 a.m. The American Society of Clinical Oncologists also kick of their annual meeting, which runs through Tuesday and could impact trading in pharmaceutical companies. Select technology stocks could be active next week during Apple's Worldwide Developers Conference, as well.

In company-specific news, AAPL supplier OmniVision Technologies is indicated higher by 7 percent after crushing estimates and issuing strong guidance yesterday afternoon. Pacific Sunwear and Splunk fell about 9 on disappointing forecasts.

This morning's reports focus on retail: Big Lots gained 9 percent on strong better-than-expected results this morning and strong full-year projections. ANN is up slightly after earnings beat consensus but revenue came up short. Express plunged 13 percent after missing on the top and bottom lines.

Oil is down about 0.4 percent, while copper is up 0.3 percent. Precious metals edged lower, and currencies are little-changed.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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