(MENAFN- ProactiveInvestors) Wall Street turned flat after minutes from the ’s most recent meeting revealed that few policy makers aren't inclined to hike interest rates in June.
The S&P 500 (INDEXSP:.INX) skidded 0.1 percent to 2126 at 3:37 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) dropped 0.1 percent to 18287 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) added 0.1 percent to 5072.
Many officials at the Fed's April policy meeting believed it would be premature to raise interest rates in June and that a bump in inflation was being offset by a weaker labor market and softer data according to minutes released on Wednesday.
MOVERS:
Lowe’s () tumbled 4.6 percent to $68.52 after the second-largest U.S. home-improvement retailer reported first-quarter profit that trailed analysts’ estimates.
() the world's largest office-supply chain fell 1.2 percent to $16.21 after saying quarterly sales declined.
() advanced 4.8 percent to $58.47 as the producer of meat and food products reported quarterly profit of 67 cents per share five cents above estimates although revenue was shy of forecasts.
Target () rose 0.6 percent to $78.40 after reporting a better-than-expected 52 percent increase in profit in its first quarter as its stores attracted more shoppers who spent more on average.
Pep Boys Manny Moe and Jack () rose 15.6 percent to $10.69 on a report that the auto parts retailer had received takeover approaches.
Etsy (NASDAQ:ETSY) tumbled 20.2 percent to $16.77 after the the global online marketplace for vintage and artisanal products said the stronger dollar is hurting sales overseas.
() climbed 4.3 percent to $42.71 after affirming plans to spin off a stake in Alibaba Group Holding Ltd.
Computer Sciences () jumped 2.1 percent to $69.07 as the provider of IT services said it will split into two publicly traded companies. It also plans to pay a special cash dividend of $10.50 a share by October.
() surged 66 percent to $27.08 after the biopharmaceutical company plans to submit an application to U.S. regulators for a muscular dystrophy treatment.
() inched up 0.2 percent to $104.11 as the company said it expects to have 10 or more new drugs in the pipeline by 2019 each with potential sales of $1 billion.
Group AG () rose 4 percent to $21.98 as Switzerland’s largest bank will pay lower-than-expected $545 million to U.S. authorities to end an investigation into alleged manipulation of currency and interest rates.
COMMODITIES:
Gold for June delivery was at $1211.10 an ounce in electronic trading on Globex after the minutes after settling at $1208.70 an ounce up 0.2 percent on Comex.
West Texas Intermediate for July delivery settled at $58.98 a barrel up 1.7 percent.
OTHER MARKETS:
Japanese stocks ended at their highest level in 15 years after upbeat economic-growth data while the rest of Asia closed mixed.
European markets were mostly lower although they fluctuated between small gains and losses.
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