Stocks are mixed as investors await Federal Reserve Chair Janet Yellen’s semiannual testimony to Congress on the economy.
"Stocks could be in for a hiccup...If Janet Yellen really upgrades her assessment of the economy to a point where it really looks like the Fed is putting that June potential rate hike back on the table, or really featuring it as an expectation in their planning,” according Yahoo Finance Senior Columnist Michael Santoli
Home Depot (HD) is lending a helping hand to the Dow Industrials (^DJI). The home improvement retailer posting a beat on both its top and bottom lines thanks to solid sales growth in the U.S. But the company is warning the stronger dollar would impact earnings and revenue this year. Home Depot will also buy back $18 billion worth of stock and raise its dividend by 26% to $0.59 per share.
From home improvement to home building...Toll Brothers (TOL) shares are higher as the largest U.S. luxury homebuilder is reporting earnings and revenue that topped estimates. Sales rose nearly 33% from a year earlier as it sold more homes at higher prices.
Comcast (CMCSA) shares on the move after the largest U.S. cable operator posted earnings that missed estimates by a penny while revenue slightly topped forecasts. Comcast pointing to growth in its broadband business. The company will also increase both its dividend and share buyback.
Macy's (M) reporting an earnings per share beat while revenue came in short of estimates. Macy's is also warning that sales and earnings for the year will be lower-than-expected. Shares of Macy’s are lower on the news.
And Apple (AAPL) remains in focus after closing at another record high of $133 a share yesterday. The 2.71% jump pushed the tech giant’s market valuation past $770 billion for the first time.
In other news…The Supreme Court will hear a case today about 401k investment fees. The original lawsuit claims that employees of Edison, the California based utility company, were charged excessive 401k fees.
Santoli says the actual findings of the case probably don’t matter much, but it could have broader implications because it could underscore the responsibility of companies to make sure that they have the lowest fee option in their plans.
And another state joins the legal pot movement. Marijuana is now officially legal in Alaska, starting today... at least for those 21 and older. However, full details regarding the sale of the drug have not yet been fleshed out.