US stock indexes mixed ahead of FOMC minutes

Scott Mlyn | CNBC Wall Street sign in subway station, New York City.

Scott Mlyn | CNBC
Wall Street sign in subway station, New York City.

U.S. stocks wavered on Wednesday, with the S&P 500 less than 10 points from its all-time high, after discount-retailer Target reduced its full-year forecast and before the afternoon release of minutes from the Federal Reserve’s last meeting.

Target shares fell in early New York trading after the discount retailer reported quarterly earnings beneath estimates and cut its forecast for the full year. Lowe’s reported earnings that topped expectations but trimmed its guidance for full-year sales growth. The reading comes a day after rival Home Depot posted strong earnings.

“We’re hitting a little resistance closer to all-time highs, and the reports from Lowe’s, Hertz and Target add a little weakness,” said Robert Pavlik, chief market strategist at Banyan Partners.

Shares of Apple rose to an all-time high.

Read More Early movers: LOW, TMUS, PETM, HTZ, IFX & more

Shares of chipmakers including Fairchild Semiconductor International and Power Integrations gained in the wake of a Bloomberg report that cited people familiar with the matter as saying Germany’s Infineon Technologies was close to a deal to purchase an American-based semiconductor company for about $2 billion.

DJIA Dow Jones Industrial Average 16926.85
7.26 0.04%
S&P 500 S&P 500 Index 1980.92
-0.68 -0.03%
NASDAQ Nasdaq Composite Index 4519.54
-7.97 -0.18%

Erasing losses, the Dow Jones Industrial Average was lately up 14.33 points, or nearly 0.1 percent, at 16,933.92.

The S&P 500 rose almost a point to 1,982.44, with industrials and financials faring best and technology and energy performing the worst among its 10 main sectors.

The Nasdaq shed 5.44 points, or 0.1 percent, to 4,522.07.

For every five stocks rising, roughly eight fell on the New York Stock Exchange, where 109 million shares traded as of 10:30 a.m. Eastern. Composite volume approached 505 million.

The yield on the 10-year Treasury note used to figure mortgage rates and other consumer loans rose 2 basis points to 2.419 percent.

The U.S. dollar advanced against other global currencies and dollar-denominated commodities including gold and oil were mixed.

At 2 p.m. Eastern, the Fed releases minutes from its Jul 29-30 meeting, at which the central bank reduced its monthly bond buys by another $10 billion, with the purchases expected on end in October.

The minutes from the Federal Open Market Committee come two days before an annual economic gathering in Jackson Hole, Wyoming, with Fed Chair Janet Yellen and European Central Bank President Mario Draghi both speaking.

Read More FOMC minutes a market diversion until Jackson Hole

On Tuesday, U.S. stocks rose, with the Nasdaq Composite furthering gains that have it at a 14-year high, as economic reports offered a benign view on inflation and cast a better-than-anticipated light on the housing market.

Read More Stocks end higher; Nasdaq hits another 14-year high

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