Futures Slip as Investors Weigh Earnings

S&P 500 futures slipped early Wednesday as investors weighed a mixed batch of retail earnings and looked ahead to the Federal Reserve’s latest meeting minutes release. Futures for the Dow Jones Industrials grabbed one point to 45,000. Futures for the much broader index slid 6.25 points, or 0.1%, to 6,426.25 Futures for the NASDAQ subtracted 50 points, or 0.2%, to 23,419.50. Target shares dropped more than 9% after the retailer reported another decline in sales. The company also announced a new CEO who will step into the role on Feb. 1. Lowe’s, meanwhile, popped about 3% after the home improvement retailer’s earnings beat expectations. Those figures come after a post-earnings jump in Home Depot helped the Dow eke out a small gain and set an intraday record on Tuesday, while the S&P 500 and Nasdaq fell due to a decline in tech names. Investors are awaiting July meeting minutes from the Fed due at 2 p.m. ET. At the time, policymakers once more held steady on interest rates, but Fed Governors Christopher Waller and Michelle Bowman dissented, marking the first time two voting Fed officials have done so since 1993. That comes ahead of remarks from Fed Chair Jerome Powell on Friday, which investors will monitor for insights into the path of interest rates. Fed funds futures are pricing in a nearly 85% likelihood of the central bank cutting interest rates at its next policy gathering in September In Japan, the Nikkei 225 slumped 1.5% Wednesday, while in Hong Kong, the Hang Seng nicked up 0.2%. Oil prices gained 78 cents to $63.13 U.S. a barrel. Gold prices moved up $19.20 at $3,377.90 U.S. per ounce.