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NEW YORK (CNNMoney)
U.S. stocks were mixed in early trading Wednesday as investors await the release of minutes from the U.S. Federal Reserve's latest monetary policy meeting.
The Dow Jones industrial average and the S&P 500 edged lower, while the Nasdaq bounced around the breakeven line.
The minutes will be released at 2 p.m. ET. Investors will be looking for clues as to when the central bank might begin cutting back on its massive bond-buying program.
David Jones, chief market strategist at IG in London, said the minutes -- and investor reaction -- should provide some hints about market direction in the weeks ahead.
But with markets now well into their traditional summer lull, Jones said it "would not be surprising to see this lack of conviction continue in the short term."
Related: Fear & Greed Index driven by FEAR
What's moving: Corporate earnings remained in focus as several retailers reported results.
Lowe's (LOW, Fortune 500) stock rose after the home improvement retailer announced that its quarterly sales and profit rose from a year earlier. Its strong results come a day after rival Home Depot (HD, Fortune 500) also issued an upbeat outlook thanks to the continued recovery in the housing market.
In another positive sign for housing, existing home sales rose 6.5% in July from the prior month.
Target (TGT, Fortune 500) shares fell even after the retailer announced significant year-over-year gains in sales. Investors seemed worried about a more tepid outlook for consumer spending.
Shares of Staples (SPLS, Fortune 500) dropped more than 10% after the office supply retailer reported lower quarterly sales and profit compared to the prior year. The CEO blamed the declines on weakness in retail stores and said the company was working to ramp up its online sales.
Hewlett-Packard (HPQ, Fortune 500) will report after the closing bell. The PC and printer giant is this year's best performer in the Dow as investors have embraced the turnaround strategy of CEO Meg Whitman.
Shares of Heineken (HEINY) were down sharply in Europe after the brewer reported earnings that were worse than expected.
Related: Indian stocks plunge 11% in a month
World markets: Stocks in India continued to slide. The Mumbai Sensex has fallen by roughly 7% over the past four trading sessions and the country's currency hit fresh lows versus the U.S. dollar this week. Policymakers have taken some steps to defend the rupee, but some analysts argue more must be done.
European markets were lower in afternoon trading, while Asian markets ended with mixed results. 
First Published: August 21, 2013: 9:43 AM ET
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