US STOCKS-Wall St to open modestly higher; Fed minutes on tap

miércoles 21 de mayo de 2014 08:40 GYT

* 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 (Reuters) - 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. Federal Reserve.

* 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.   Continuación...