* Fed meeting minutes due out at 2:00 p.m. EDT
* Tiffany climbs in premarket after results
* Lowe's misses expectations, but sales better in May
* Futures up: Dow 45 pts, S&P 5 pts, Nasdaq 9.5 pts
(Updates prices, adds Target earnings)
By Chuck Mikolajczak
NEW YORK, May 21 Wall Street was set for a
modestly higher open on Wednesday, with the S&P 500 on track to
rebound from a broad selloff in the prior session ahead of the
release of minutes from the most recent meeting of the U.S.
* The Fed is scheduled to release the minutes from its late
April meeting at 2:00 p.m. (1800 GMT), when the central bank
looked past a dismal reading on first-quarter U.S. growth and
gave a mostly upbeat assessment of the economy's prospects as it
announced another cut in its massive bond-buying stimulus.
* New York Federal Reserve President William Dudley said on
Tuesday inflation should "drift upwards" towards the Fed's 2
percent goal, but a swift climb in inflation was unlikely;
Philadelphia Fed President Charles Plosser said the $2.5
trillion in reserves accumulated by banks could be the trigger
for more rapid inflation.
* All 10 primary S&P 500 sector indexes fell on Tuesday and
nearly three-quarters of Nasdaq-listed names declined, led by
losses in the retail sector after disappointing results from
Staples and TJX Companies.
* Lowe's Companies edged up 0.1 percent to $45.58 in
premarket trade after the world's second-largest home
improvement chain said sales picked up in May and it would
maintain its full-year sales growth forecast, even as it
reported weaker-than-expected quarterly results.
* S&P 500 e-mini futures rose 5 points and were above
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average e-mini futures
gained 45 points and Nasdaq 100 e-mini futures added 9.5
* Tiffany & Co jumped 6.5 percent to $93.99 before
the opening bell after the jewelry retailer reported
stronger-than-expected quarterly results and raised its
full-year profit forecast.
* Target Corp reported a 16 percent drop in
quarterly profit but showed signs of progress in its efforts to
rebuild customer confidence in the wake of a massive theft of
payment card data in the United States and a botched expansion
into Canada. Shares dipped 0.5 percent to $56.35 in premarket.
* With earnings season nearly completed, Thomson Reuters
data showed that of 470 companies in the S&P 500 that reported
through Tuesday morning, 68.3 percent topped expectations, above
the 63 percent average since 1994 and a 66 percent beat rate for
the past four quarters.
(Editing by Bernadette Baum)