US stock futures fluctuated around the zero line on Wednesday as a week of retail deals continued with a warning from Target (TGT) and Wall Street awaited the release of minutes from the Federal Reserve’s latest monetary policy meeting.
The Dow Jones Industrial Average (^DJI), the S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) were all almost flat ahead of the market open. The indices were looking to recover from a day when each lost more than 1%.
Target took center stage Wednesday morning as the retailer trimmed its full-year earnings outlook and warned of a broader economic downturn. The company cited rising interest rates and uncertainty about resuming student loan repayments as factors that could continue to impact its bottom line.
In the afternoon, the Fed will be back in focus as minutes of last month’s monetary policy meeting are due to be released at 2pm ET. At that meeting, the central bank hiked interest rates to their highest level since 2001. Investors will be looking for clues as to what the Fed may do at next month’s meeting. At this point, over 90% of traders expect the bank to remain stable, according to CME Group’s FedWatch tool.
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