Dow Jones Industrial Average Slips Ahead of Janet, GDP

The Dow Jones Industrial Average (DJIA) started the day on a high note, but failed to gain momentum following back-to-back triple-digit gains. Oil prices hit the $50-per-barrel level for the first time in months, but backpedaled in short order, keeping pressure on stocks. In addition, mixed economic data and hawkish Fed comments ahead of tomorrow's closely watched gross domestic product (GDP) report and a highly anticipated Q&A with Fed Chair Janet Yellen kept stocks in check. 

Continue reading for more on today's market, including:

• While this biotech more than tripled, these 2 drugmakers had short sellers celebrating.
• How analysts reacted to 3 retail-sector earnings reports.
• 2 steel stocks heating up just in time for Memorial Day.
• Plus ...  Gogo Inc. takes off, Tidewater Inc. relives the '80s, and Apple Inc. rumors boost 2 media giants.

The Dow Jones Industrial Average (DJIA - 17,828.29) ended the day down 23.2 points, or 0.1%, after a strong start to the day quickly dipped into the red. Apple Inc. (NASDAQ:AAPL) led the 12 Dow winners, with gains of 0.8%, while DuPont (NYSE:DD) lost 1.3% to bring up the rear among the 18 losers.

The S&P 500 Index (SPX – 2,090.10) spent the day flirting with breakeven, but at the closing bell was just out of the black, accruing only fractional losses. The Nasdaq Composite (COMP – 4,901.77) managed to hold on to its own gains, finishing up 0.1%, or 6.9 points.

The CBOE Volatility Index (VIX – 13.43) dropped to end the day down 0.5 point, or 3.4%, for its lowest finish this month.

5 Items on Our Radar Today:

1. Echoing the collectively hawkish tone of the central bank of late, Fed Governor Jerome Powell said "another rate increase may be appropriate fairly soon" if economic growth stays strong. (CNBC)

2. Gogo Inc. (NASDAQ:GOGO) was flying high on a "major" deal to bring Wi-Fi to the skies. (Bloomberg)

3. This agricultural stock may have short sellers running for the hills.

4. Options bears delighted as Tidewater Inc. (NYSE:TDW)  hit a 30-year low.

5. Was Apple Inc. (NASDAQ:TWX) mulling a bid for Time Warner Inc (NYSE:TWX)? Or this streaming media titan?

Data courtesy of Trade-Alert

Commodities:

July-dated oil conquered the elusive $50-per-barrel mark in early trading, but ultimately retreated to more familiar territory by the close, ending the day down 8 cents, or 0.2%, at $49.48. 

June-dated gold lost $3.40, or 3%, to end the day at $1,220.40 an ounce -- its seventh straight loss -- amid continued chatter of a June rate hike.