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NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were up, but barely in morning trading.
Most of the action was in the retail sector, where a number of big names reported quarterly results.
Best Buy (BBY, Fortune 500) shares were volatile after the electronics retailer said sales at stores open at least a year fell in the first quarter and are likely to be down in the second and third quarter as well. The stock fell sharply ahead of the bell and looked set to tank today, but it bounced back in early trading and is currently up above 4%.
Sears Holdings (SHLD, Fortune 500), which operates the Kmart and Sears brands, said the pace of store closings picked up to 80 closings in the first quarter and that further store closings are possible the rest of this year. Shares fell 4%.
Shares of Dollar Tree (DLTR, Fortune 500) jumped 7% after the discount retailer reported results that were better than expected.
Two more retailers, Gap (GPS, Fortune 500) and Aeropostale (ARO) are due to report after the close Thursday, as is tech giant Hewlett-Packard (HPQ, Fortune 500).
Shares of big tobacco companies were also lighting up.
Reynolds American (RAI, Fortune 500) and Lorillard (LO) are reportedly in talks to join forces and create the second largest U.S. tobacco company. Lorillard, which makes the e-cigarette blu, would give Reynolds access to the growing market for electronic cigarettes. A deal could also benefit U.K.-based British American Tobacco (BTAFF), which owns a large stake in Reynolds.
Both Reynolds and Lorillard were down Thursday after big spikes at the end of the day yesterday.
Related: Fear & Greed Index
McDonald's (MCD, Fortune 500) is also a focus point for investors and protesters Thursday as the fast-food operator holds its annual shareholder meeting in Oak Brook, Illinois. There's likely to be a lot of drama, although little movement in the stock.
Over 100 people were arrested outside the McDonald's corporate campus Wednesday as they protested for higher wages. There could be more arrests Thursday as protesters are promising to return.
In economic news, the government said first-time claims for unemployment benefits rose sharply in the week ended May 17.
Related: CNNMoney's Tech30
European markets weren't making any big moves in midday trading, though shares in SABMiller (SBMRF) were up by 4% in London after the brewer released earnings. Meanwhile, shares in postal service Royal Mail (ROYMF) fell by as much as 8% after reporting its latest set of quarterly results.
Asian markets closed mostly higher, buoyed by a bullish performance in the U.S. and better-than-expected manufacturing data from China. Stocks in Thailand were little changed despite news that military officials had taken control of the government, marking the latest in a string of coups in the past few decades. 
First Published: May 22, 2014: 9:58 AM ET
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