US open: Stocks broadly flat ahead of FOMC minutes
Wall Street stocks were only slightly higher early on Wednesday as market participants awaited the release of minutes from the Fed's latest policy meeting later in the day.
As of 1525 BST, the Dow Jones Industrial Average was up 0.02% at 35,349.58, while the S&P 500 was 0.12% firmer at 4,453.28 and the Nasdaq Composite came out the gate 0.14% stronger at 14,677.08.
The Dow Jones opened 6.30 points higher on Wednesday, taking a small bite out of losses recorded in the previous session after the Census Bureau said retail sales had fallen 1.1% in June.
Wednesday's primary focus will be the minutes from the FOMC's policy meeting back in July, scheduled for release at 1900 BST, with investors looking out for any hints as to when the central bank will start dialling back its bond buying programme amid growing support within the Fed to announce tapering in September.
After the openning bell, the yield on the benchmark 10-year Treasury note was trading slightly higher at around 1.272%.
On the macro front, mortgage applications fell 3.9% week-on-week in the seven days ended 13 August, according to the Mortgage Bankers Association, principally due to a 5.3% decrease in refinancing applications as the average contract interest rate for traditional 30-year mortgages inched up to 3.06% from 2.99%.
Elsewhere, US housing starts fell more than expected last month, pointing to a normalisation in demand for housing to pre-pandemic levels. According to the Department of Commerce, housing starts fell 7.0% month-on-month to reach an annualised pace of approximately 1.53m, while housing permits surprised to the upside, climbing 2.6% on the month to reach 1.64m.
In the corporate space, Target earnings topped estimates, leading the retailer to raise its full-year forecasts, while competitor Lowe's also beat estimates thanks to home professionals helping drive growth.
Cisco Systems, Nvidia and Robinhood will all report quarterly earnings after the close.