Stocks fluctuate as Fed minutes are released: stock market news today
US stocks fluctuated midday Wednesday as the heavy trading week continued with Target (TGT) warning and Wall Street awaiting the release of minutes from the Federal Reserve’s latest policy meeting.
The Dow Jones Industrial Average (^DJI) was nearly flat, while the S&P 500 (^GSPC) was down 0.2%. The high-tech Nasdaq Composite (^IXIC) fell 0.7%. The indices were looking to rebound from a day that saw them each lose more than 1%.
Target took center stage Wednesday morning as the retailer cut its full-year profit forecast and issued a warning about general economic malaise. The company cited rising interest rates and the uncertainty of student loan repayments as factors that may continue to affect its bottom line. However, the stock jumped more than 3% at the open as it revealed a jump in earnings.
In the afternoon, the Fed will be back in focus, with minutes of last month’s policy meeting due to be released at 2pm ET. The central bank raised interest rates to their highest point since 2001 at that meeting. Investors will be looking for clues as to what the Fed may do at its meeting next month. At this point, according to CME Group’s FedWatch toolMore than 90% of traders expect the bank to remain flat.
