NEW YORK (CNNMoney)
Here are the key things to keep your eye on throughout the trading day:
Not looking good for more record highs today: The S&P 500 hit a record high on Tuesday of 1,911.9. Investors are watching to see if the five-year bull market can continue its steady march upward, although early trading indicates that might not be the case today.
The Dow is off about 20 points, and Nasdaq is down about 0.25%.
Although headlines have touted the record highs notched by the S&P 500 and other indexes, it's important to recall that the S&P 500 is about 10% off the frothy peaks of the dot-com era when adjusted for inflation.
Related: CNNMoney's Tech30
Telsa downgraded to junk bond status: Telsa Motors (TSLA) got zapped with junk bond status by ratings agency Standard & Poors, which pegged the electric carmaker's $3 billion in debt a few notches below investment grade. The ratings firm said Tesla's narrow focus and lack of track record were behind the ratings. Shares were down over 2% in the morning.
Related: S&P slaps junk bond rating on Tesla
Retail stocks on the move: Sometimes the shoe really doesn't fit. DSW (DSW), a discount shoe outlet, lost a quarter of its market cap in early trading, as earnings came in at the lower end of expectations and same-store sales growth fell 3.7% from the year before.
Michael Kors (KORS) reported results before the opening bell, and profits were a bit better than expected. The stock is down slightly. Kors shares are up more than 17% since the start of the year as the brand seems to be winning the battle for upper middle class purse consumers.
Related: Coach is going out of fashion among investors
Homebuilder stocks picking up: Toll Brothers (TOL) reported surprisingly strong earnings before the open, bouncing back from a disappointing start to the year because of the winter weather. Revenue was closer in line with expectations. It was one of the few stocks enjoying a bounce this morning with shares up ovef 1.5%.
A handful of other homebuilder stocks are also seeing some small gains as well, including D.R. Horton (DHI), Lennar (LEN) and PulteGroup (PHM).
International stocks: Eruope mixed, Asia higher. European markets were tipping lower towards the end of trading, while Asian markets ended mostly higher. The Shanghai Composite led the way with a 0.8% jump. 
First Published: May 28, 2014: 10:07 AM ET
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