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Welcome to The Daily Stock Report...brought to you by QualityStocks.Net, performance tracked daily. I'm Cathy Rankin and for Monday May 18th we're bringing you the latest news from around the markets as well as the top movers to look out for today... (HEADLINE NEWS) In Headline News Today... With the Dow hitting record after record, it wasn't surprising Thursday to see the bulls take a bit of a breather. A late day resurgence in buying activity did briefly lift the blue-chip indices into the green, with the Dow surpassing 13,500 for the first time ever However, sellers eventually got the last laugh as their efforts, albeit unimpressive, were just enough to take some froth out of a market that looks ripe for an even more convincing pullback with long-term optimism still overpowering the fundamentals. Among the main catalysts arming the bears with enough to stall the underlying bullish momentum that has vaulted stocks virtually uncontested for several weeks was mixed economic data and soaring oil prices. Before the bell, initial claims unexpectedly fell 5K to 293K That was the lowest level since mid January and consistent with tight labor conditions. However, with high levels of resource utilization still a main concern among policy makers, the data actually removed some of the optimism toward the Fed easing later in the year. At 12:00 ET, the Philadelphia Fed index checked in at a four-month high. While the May reading of 4.2 didn't translate to a strong growth path, it did signal a slight improvement after three consecutive sub 1 readings. Nonetheless, with the market now viewing improvements in economic growth to imply the Fed will merely remain on hold, the data also sidelined overly optimistic rate-cut scenarios. Fed Chairman Bernanke also chimed in with some remarks. He said the Fed sees no significant spillovers from the subprime market to the rest of the economy or to the financial system; but he also noted that subprime lending curbs will restrain housing. Surging oil prices also acted as a headwind for the bulls. Renewed optimism surrounding the Energy sector's earnings potential given higher energy prices initially gave a sluggish market lacking leadership anywhere else a decent lift. Of the eight sector's trading lower, Utilities and Health Care paced the way lower with modest declines of 0.5% and 0.4%, respectively, while Energy surged 1.3%. When it was all said and done, though, oil's up tick and the commodity's potential to sustain inflation pressures eventually fed into the diminishing likelihood of a Fed easing in the near term. And now for our Small Cap News... brought to you by Nascent Wine Company, Inc. (NCTW) Nascent Wine Company, Inc. is one of Baja Mexico's largest food distributors, marketing and distributing over 1,400 national and proprietary brand food and non-food products to over 1,000 customers. Genoil Inc. announced today that each of the outside directors of the Corporation has been granted 250,000 options pursuant to the Corporation's stock option plan, with an exercise price of $0.61 Genoil Inc. also announced late last month that it has entered into a definitive testing agreement with Hebei Zhongjie Petrochemical Group Company for testing of their heavy oil at Genoil's pilot plant. The testing will determine operating conditions and optimization of the Genoil GHU(TM) process required to move this project into the Front End Engineering and Design phase. Reed's, Inc. shares got a nice boost after news of record sales combined with a peak in investor interest regarding gourmet sodas and specialty beverages Today Reed's posted some extraordinary first quarter numbers including; a Net Sales increase of 52.2% to approximately $3.0 million compared to the same period last year, as well as an increase in Gross Profit up 85.8% to approximately $540,000. The company also announced two new distribution agreements this month, one with Manhattan Beer Distributors, a leading distributor of brand-name beverages, for distribution of the Reed's, Virgil's and China Cola brands throughout Metro New York, which includes New York City, Long Island and the seven counties north of the city. And that's our newsmakers, Stay tuned right here to Quality Stocks Daily for the latest news from small cap to large cap, and everything in by QualityStocks.Net, where performance is tracked daily. Thank you for tuning in, I'm Cathy Rankin, Have a great day and we'll see you next week, right here on the daily report.