Midday Report: Dollar Tree Soars on Earnings; Existing Home Sales See Surprise Drop

Stocks struggled for direction through the morning session before breaking lower as the wait for comments from Federal Reserve Chair Janet Yellen tomorrow caused jitters. Retailers were largely higher after a series of positive earnings reports. Dollar Tree Inc.  (DLTR) - Get Report was one of those lucky retailers. The discount chain soared after a better-than-expected second quarter and solid guidance for its third quarter and full year. Quarterly sales increased nearly 6%. Abercrombie & Fitch Co. (ANF) - Get Report rocketed higher after reporting a narrower loss than expected over its second quarter. Same-store sales decreased 1%, weighed on by a drop at its namesake brand, though sales at Hollister rose. Existing home sales made a surprise turn lower in July, a troubling trend after new home sales out a day earlier showed a dip as well. Sales of previously-owned homes fell to its lowest level of the year.