NEW YORK (AP) – U.S. stocks were little changed in Wednesday morning trading as investors waited for minutes from the Federal Reserve’s latest policy meeting. Lowe’s, the home improvement retail chain, fell after the company’s outlook came in short of investors’ expectations.
KEEPING SCORE: The Dow Jones industrial average was up 21 points, or 0.1 percent, to 16,940 as of 11:06 a.m. Eastern. The Standard & Poor’s 500 index was up a point, or 0.1 percent, to 1,983 and the Nasdaq composite was flat at 4,527.
NEEDS IMPROVEMENT: While Lowe’s did report a 10 percent rise in second-quarter profits, investors were more concerned about the company’s forecast for the rest of the year. Lowe’s cut its sales growth forecast for the year to 4.5 percent from 5 percent. That’s a contrast with Home Depot, which raised its full-year outlook when it reported results Tuesday. Lowe’s fell 32 cents, or 1 percent, to $51.19.
RATE INCREASES: Many analysts predict the Fed will start raising its key interest rate sometime in 2015. Besides the release of its meeting minutes at 2:00 p.m. Eastern, investors are also waiting on a speech later this week by Federal Reserve Chair Janet Yellen.
PUPPY IN THE WINDOW: PetSmart fell 32 cents, or 0.5 percent, to $69.40 after the company said it was exploring a possible sale of the company. The pet supply retailer had been under pressure from activist investors to explore a possible sale, or to do a major restructuring.
IN A JAM: J.M. Smucker fell $2.13, or 2 percent, to $101.30. The food products company, which also owns coffee brands such as Folgers, cut its full-year sales outlook. The company also said higher coffee prices were impacting the company’s profit margins.
ENERGY, BONDS: Benchmark U.S. crude for September delivery rose 46 cents to $93.32 a barrel New York. It dropped sharply Tuesday and was down nearly 4 percent for August due to abundant supplies. Bond prices fell. The yield on the 10-year Treasury note rose to 2.42 percent.