NEW YORK (CNNMoney)
U.S. stocks kicked off the day slightly lower as Staples, Dick's Sporting Goods and other retailers slump on lackluster earnings reports. People aren't buy these stores' goods or stocks.
The Dow Jones industrial average, S&P 500 and Nasdaq all posted modest losses. The Dow is down around 50 points.
U.S. stocks hit record highs last week, but have since been in a bit of a holding pattern.
"We are cautiously optimistic that the steady bid for equities despite volatility earlier in the year may be back," Bespoke Investment Group wrote in a note to clients. "If the market can look on the brighter side of forthcoming data instead of the dark side, the bull market won't be ending any time soon."
Here are the key talking points today:
1. People aren't shopping -- at least not at these stores
There's virtually no data for traders to digest on Tuesday, but the bulls were dealt a bit of a blow by fresh signs that traditional U.S. retailers are struggling.
Office supply retailer Staples (SPLS, Fortune 500) slumped over 10% on lousy earnings and a warning that results in the current period are likely to fall short of expectations. That news also weighed on rival Office Depot (ODP, Fortune 500), which fell 2%.
Dick's Sporting Goods (DKS, Fortune 500) tumbled 15% after revealing subpar golf and hunting sales that sparked weaker than expected results. Dick's also spooked investors by dimming its sales and earnings outlook for the entire year. The company needs a new round -- or arsenal -- of ideas.
It wasn't much prettier for regular clothing, either. Shares of Urban Outfitters (URBN) fell 5% after the retailer revealed a profit drop that was driven by higher expenses. T.J. Maxx and Marshalls parent TJX (TJX, Fortune 500) slid 4% on an earnings and sales miss.
2. Just how bad can it get for Target?
Another struggling retailer, Target (TGT, Fortune 500), announced the departure of Canadian chief Tony Fisher, who will be replaced by Mark Schindele. The move comes just weeks after Target dismissed CEO Gregg Steinhafel and amid concerns about continued losses in the company's Canadian division.
Department store J.C. Penney (JCP, Fortune 500) lost ground amid reports it was downgraded by analysts at Wells Fargo. CNNMoney's Paul R. La Monica doesn't buy the JCP rebound story, either.
The lone positive store story today is Home Depot (HD, Fortune 500), which rallied 2% after upgrading its outlook. The rosier view offset concerns over the home improvement retailer's weak first-quarter profits and sales. It seems people really are doing their spring cleaning and summer repairs.
Related: Fear & Greed Index
3. Martial law in Thailand, mixed action overseas
While markets seem to be lacking any clear direction, the CNNMoney Fear & Greed index indicates that investors continue to feel fearful.
There was a bit more action in international markets, with Credit Suisse (CS)shares rising by about 1% in Europe after the bank pleaded guilty to charges related to U.S. tax evasion. The Swiss lender agreed to pay $2.6 billion to settle a long-running probe.
Vodafone (VOD) shares declined by about 4% in London after the company released full-year earnings results.
Overall, most European markets were edging lower in midday trading. Asian markets ended the day on a positive note, though gains were small.
Thailand's stock market retreated 1.2% and the country's currency dropped after the Thai army surprised the country by declaring martial law.
Related: CNNMoney's Tech30
U.S. stocks ended higher Monday. The Dow added 20 points while the S&P 500 closed about 0.4% higher. The Nasdaq had the best start to the week, closing up by almost 0.9%. 
First Published: May 20, 2014: 9:52 AM ET
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