Stocks Opened Slightly Higher ahead of Fed Minutes

U.S. stocks opened slightly higher on Wednesday, ahead of the Federal Reserve releasing the minutes of its May meeting that could cement the chances of a rate hike next month. The Dow Jones Industrial Average lately rose 34.31 points, or 0.16%, to 20,972.22. The S&P 500 added 2.49 points, or 0.10%, to 2,400.91. The Nasdaq Composite gained 10.16 points, or 0.17%, to 6,148.88.

Oil futures were little changed Wednesday, holding on to a weekly gain ahead of a looming decision on output cuts by major producers and prospects of falling U.S. supplies. Light, sweet crude for July delivery was flat at $51.47 a barrel. Brent crude rose 5 cents, or 0.1%, to $54.20.

Lowe’s Cos Inc (LOW) reported quarterly profit and comparable sales that missed analysts’ estimates. Net income fell to $602 million, or 70 cents per share, in the first quarter ended May 5, from $884 million, or 98 cents per share, a year earlier. Net sales rose 10.7 percent to $16.86 billion.

Tiffany & Co (TIF) reported lower-than-expected quarterly sales and a surprise drop in comparable sales. Comparable-store sales in the Americas fell 4 percent, while the company posted a 3 percent decline in the Asia-Pacific region in the first quarter. Net income increased to $92.9 million, or 74 cents per share, from $87.5 million, or 69 cents per share, a year earlier.