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Wall Street Overview

Stocks traded lower on Tuesday, May 22.

China's Finance Ministry said Tuesday that it would slash import tariffs on automobiles into the world's biggest car market in what could be the most significant step by officials in Beijing to placate demands made by President Donald Trump to trim the country's multi-billion trade surplus with the U.S. The decision, while expected, comes after Washington and Beijing declared a near-term truce in the brewing dispute over tariffs and access to markets in the world's two biggest economies.

The Dow Jones Industrial Average I:DJI     finished down 178 points, or 0.72%, to 24,834 after rising earlier in the session. The S&P 500 undefined   was down 0.31% and the Nasdaq  I:IXIC   slipped 0.21%.

U.S. crude oil futures turned lower after rising to the highest levels in more than three-and-a-half years on Tuesday.

West Texas Intermediate crude futures for June delivery rose Tuesday to as high as $72.72 a barrel, the highest since November 2014, extending WTI's year-to-date gain to 20.35%. WTI finished down 11 cents to settle at $72.13 a barrel.

Brent crude prices for July delivery, the global benchmark, rose 35 cents to $79.57 a barrel.

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J.C. Penney Co. (JCP) - Get J. C. Penney Company, Inc. Report said Tuesday that CEO Marvin Ellison resigned and joined Lowe's Cos. (LOW) - Get Lowe's Companies, Inc. (LOW) Report as president and chief executive. Penney shares fell 6.8% while Lowe's shares slipped 1.9%.

Kohl's Corp. (KSS) - Get Kohl's Corporation (KSS) Report reported first-quarter adjusted earnings of 64 cents a share, smashing estimates of 50 cents. The stock rose 7.4%.

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Toll Brothers Inc. (TOL) - Get Toll Brothers, Inc. Report posted fiscal second-quarter profit of 72 cents a share, below estimates of 76 cents. Sales rose to $1.6 billion from $1.36 billion a year earlier and came in above estimates of $1.58 billion. Gross margin in the quarter was 18.8% for the quarter, compared with 21% in the same period a year earlier. The stock fell 9.6%.

TJX Cos. (TJX) - Get TJX Companies Inc Report  reported first-quarter adjusted profit of 96 cents a share, 6 cents below estimates. Sales rose 12% to $8.7 billion and exceeded forecasts. TJX shares rose 3.3%.

Micron Technology Inc. (MU) - Get Micron Technology, Inc. (MU) Report shares finished up 6.4% on Tuesday after the chipmaker announced Monday a $10 billion share repurchase program and a deal with Intel Corp. (INTC) - Get Intel Corporation (INTC) Report to make and ship the next generation of chips used in flash drives and digital cameras.