Closing Bell: EIA Reduces Crude Oil Prices Forecasts; U.S. Stocks Fall for Day Two

Stocks held losses as Wall Street waited for direction on the Trump-Russia scandal, the U.K. elections, and eurozone monetary policy. Markets have fallen for two straight days after clinching records late last week. Macy's (M) - Get Report led the retail sector lower after reducing its forecasts for full-year gross margins. Chief financial officer Karen Hoguet said at an investor day that the retailer was "doing everything it [could] to be productive." Weaker Q1 margins were tied to larger inventories. Crude oil held onto gains through the afternoon even after the EIA reduced its 2018 forecast for oil prices. The energy watchdog also nudged its U.S. production targets for next year slightly higher. HD Supply Holdings (HDS) - Get Report lost nearly one-fifth of its value after a disappointing first quarter. The industrial distributor also announced that it would sell its Waterworks business in a $2.5 billion deal.