Stocks Opened Lower ahead of Fed Minutes

U.S. stocks opened modestly lower on Wednesday as investors took a cautious stance ahead of Federal Reserve minutes that could reveal if a rate increase in 2016 is likely. The Dow Jones Industrial Average lately fell 47.71 points, or 0.26%, to 18,504.31. The S&P 500 was off 4.30 points, or 0.20%, to 2,173.85. The Nasdaq Composite gave up 8.59 points, or 0.16%, to 5,218.52.

Minutes from the Federal Open Market Committee’s July 26-27 meeting are set for 2 p.m. Eastern Time, and will be closely pored over for signs of the timing and pace of increases to key interest rates.

American Eagle Outfitters Inc. on Wednesday said comparable-store sales, profit and revenue rose in the latest quarter as results topped expectations. For the period ended July 30, American Eagle reported profit of $41.6 million, or 23 cents a share, compared with a profit of $33.3 million, or 17 cents a share, a year prior. Revenue rose 3.2% to $822.6 million.

Target (TGT) said Wednesday second-quarter earnings fell 9.7% to $680 million and lowered its sales estimate for the rest of the year. Adjusted earnings per share totaled $1.23. Sales were down 7.2% to $16.2 billion.

The Madison Square Garden Co., which owns the New York Knicks and the NBA team’s home arena, said Wednesday that it had taken a 12% stake in Townsquare Media. MSG purchased about 3.2 million shares of the Greenwich, Conn.- based Townsquare, which owns 310 radio stations and more than 325 websites across the U.S. and operates about 550 live events including the Taste of Country Music Festival in Hunter, N.Y.

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