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NEW YORK (CNNMoney)
U.S. stocks were slightly lower Wednesday morning, as investors await remarks from St. Louis Fed President James Bullard. He will be delivering two speeches in Paducah this afternoon.
Bullard is a voting member on the Federal Reserve's policy-making committee, and investors will be listening closely for any hints that the central bank will start slowing its bond-buying program at their meeting next month.
Fed officials have been sending a consistent message recently: their decision will depend on the economic data, which so far, seems to present a picture of a meek recovery that continues to plod along.
But even Bullard's speeches may not be enough to get the market out of its summer doldrums. Fixed income analysts at Nomura joked in a note that "market participants that find themselves in Paducah today might consider a visit to the town's famed National Quilt Museum a better use of their time."
Related: Fear & Greed Index
What's moving: Looking at individual stocks, Apple (AAPL, Fortune 500) shares extended gains in morning trading and was inching closer to $500, a level it has not topped since late January. The stock rallied on news that investor Carl Icahn has taken a stake in the company, calling it "extremely undervalued."
Shares of BlackBerry (BBRY) also continued to build momentum, gaining about 2%, as investors grow more confident that the struggling smartphone maker may take itself private. On Monday, BlackBerry said its board has formed a special committee to look into "strategic alternatives," including the possibility of selling the company.
Meanwhile, Macy's (M, Fortune 500) shares fell nearly 5%, after the retailer reported weaker-than-expected sales in the second quarter. The company sent investors a mixed signal, noting upcoming back-to-school sales could be strong, while simultaneously cutting its outlook for the year overall.
Cisco Systems (CSCO, Fortune 500) will report its latest quarterly earnings after the close.
Check on European and Asian markets here
Across the pond, investors awoke to encouraging news that Europe's recession is over. Gross domestic product across the 17-nation eurozone grew by 0.3% in the second quarter, led by a rebound in the region's two biggest economies, Germany and France. 
First Published: August 14, 2013: 9:53 AM ET
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