U.S. stock benchmarks opened lower Wednesday morning as markets awaited the release of Federal Reserve minutes that could shed light on the central bank's outlook for interest rates amid Sino-America trade tensions. The Dow Jones Industrial Average fell 55 points, or 0.2%, at 25,820, the S&P 500 index retreated 0.2% at 2,858, while the Nasdaq Composite Index slipped 0.2% at 7,768. Minutes from the rate-setting Federal Open Market Committee's April 30-May 1 meeting will be released at 2 p.m. Eastern Time, and come amid increasing expectations that the central bank will cut rates before year-end. In corporate news, shares of home-improvement retailer Lowe's Co. (LOW) were under pressure, down 7.4%, after its earnings disappointed, while shares of Target Corp. (TGT) soared more than 9% after its quarterly results. Both quarterly updates were released before the start of regular trade. And Qualcomm Inc. shares (QCOM)tumbled, after a federal judge ruled late Tuesday that the chip maker violated antitrust laws.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 22, 2019 09:43 ET (13:43 GMT)
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