Stocks could be at a key turning point.
A number of Wall Street pros believe the market is in a dangerous position. After the Standard & Poor's 500 index (^GPSC) hit record highs last week, we saw a big sell-off on Friday despite some more good economic news.
Many of the stocks that ran up the fastest last year and earlier this year, have been taking a beating. Facebook (FB), Amazon.com (AMZN), Tesla Motors (TSLA) and a long list of other so-called momentum stocks have tumbled by 20 percent or more from their recent high. Many investors now see them as overvalued.
For the 5-year-old bull market to continue, these stocks will need to stabilize, and investors will have to rotate into a new group of favored stocks.
Here on Wall Street last week, the Dow Jones industrial average (^DJI) gained 0.6 percent, coming within a whisker of the all-time closing high several times. The S&P 500 added 0.4 percent, but the Nasdaq composite (^IXIC) fell 0.7 percent.
MasterCard (MA) has swiped a big account. Walmart's (WMT) co-branded credit card will switch to MasterCard, beginning this summer, ending a relationship with Discover Card (DFS). But if you have one of those Discover cards, don't worry -- they'll still work. And Walmart is still at war with Visa (V), the nation's largest credit card company. The retailer sued Visa last month, seeking more than $5 billion for allegedly violating anti-trust rules with its swipe fees.
-Produced by Drew Trachtenberg.