Business

US stocks slip ahead of Fed minutes

NYSE traders Image copyright Reuters

(Open): Stocks on Wall Street fell as investors waited for the release of minutes from the US Federal Reserve's July meeting.

The minutes will be scrutinised for any hints on the timing of any possible interest rate rises.

On Tuesday, William Dudley, president of the New York Federal Reserve, said that a rate rise at the Fed's next meeting in September was possible.

In early trade, the Dow Jones fell 48.52 points to 18,503.50.

The wider S&P 500 dropped 4.35 points to 2,173.80, while the tech-focused Nasdaq index was 12.63 points lower at 5,214.48.

Shares in Target fell 6% after the retailer cut its full-year profit outlook. The company now expects earnings per share of between $4.80 and $5.20, compared with a previous estimate of $5.20 to $5.40.

Target, which has been hit by competition from online retailers, said sales at stores open for at least a year fell 1.1% in the quarter to 30 July.