Five Things You Need to Know to Start Your Day

Stocks retreat, but it’s still going to be a great year. Tesla is lagging, though. Here’s what you need to know today.

Just when you thought the S&P 500 was sure to clinch a record high, the global benchmark stock index took a turn south. “The market is very extended,” Cameron Dawson, chief investment officer of Newedge Wealth, told Bloomberg Television. “We do see it being very overbought. But we’re in this melt-up period, and so oftentimes things can get even sillier before they really do have a pullback.” Stocks failed to gain despite positive news on consumer confidence and existing home sales, raising concern the rally is running out of steam.