Markets Are Up, And Retail Stocks Are Surging

The markets are up a little bit.

The Dow is up 28 points (0.1%), the S&P 500 is up 6 points (0.3%), and the Nasdaq is up 22 points (0.5%).

Earlier today, we learned Markit's manufacturing PMI for May came in at 56.2, topping estimates for 55.5.

U.S. existing home sales for April, however, disappointed, rising 1.3% against expectations for a 2.2% increase. Sales in April were better than the 0.2% decline seen in March.

Markets rallied after the PMI report, but pared some of those gains following the disappointing housing report.

Some notable equity movers include:

• Dollar Tree (DLTR), up 8%, Williams-Sonoma (WSM), up 7.5%, and Best Buy (BBY), up 7%, are all higher after their earnings reports.
• Sanchez Energy (SN) is ripping higher, up mre than 16%, after announcing it purchased Eagle Ford assets from Royal Dutch Shell (RDS.A) for $639 million. Sanchez said the deal will be immediately accretive to its earnings and cash flow per share.
• Chinese internet stocks are tumbling after earnings reports from Weibo (WB) and 58.com (WUBA).
• Lorillard (LO) shares are also off 5%, as CNBC's David Faber said a deal for the company to be acquired by Reynolds American (RAI) is not as close to being done as may be portrayed. Last night, Reuters reported the two sides were in "advanced" merger talks.