U.S. stocks steady as Fed minutes in focus; Dow Jones up 0.03%

U.S. stocks were steady on Wednesday, as marlets were jittery ahead of the minutes of the Federal Reserve's most recent policy meeting, expected later in the trading day. 

During early U.S. trade, the Dow Jones Industrial Average inched up 0.03%, the S&P 500 index dipped 0.04%, while the Nasdaq Composite index added 0.10%. 

Investors trimmed back expectations that the Fed will soon start to unwind stimulus measures ahead of the central bank’s June meeting minutes and a closely watched speech by Ben Bernanke later Wednesday. 

Meanwhile, market sentiment found some support after weak Chinese trade data for June prompted speculation over the possibility of further monetary easing by Beijing.

Official data earlier showed that Chinese exports fell unexpectedly last month, fuelling concerns over a slowdown in global demand. Imports were also lower, indicating that domestic demand was weakening. 

FedEx slipped 0.14% amid speculation that billionaire William Ackman would make a big investment in the company. 

Also in company news, Health Management Associates, up 1.07%, has reportedly attracted takeover interest from Community Health Systems and other rivals about buying the hospital operator. 

DirecTV added to gains, as shares climbed 0.43% following news it and a partnership of Chernin Group and AT&T have each offered about USD1 billion for online video service Hulu LLC. 

In the tech sector, Google rose 0.37% amid reports the company's chromebooks snagged 20% to 25% of the U.S. market for laptops that cost less than USD300 in the past eight months. 

Among earnings, Family Dollar edged past earnings expectations and raised its outlook for the year, sending the retailer's shares surging 3.53%. 

On the downside, Nabors Industries saw shares plunge 3.75% after the oil services provider said its second-quarter profit would fall short of market expectations, due to tougher competition and fewer rentals of its rigs. 

Other stocks expected to be in focus included Yum Brands, due to report second quarter earnings after the closing bell. 

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slipped 0.23%, France’s CAC 40 edged down 0.10%, Germany's DAX dipped 0.05%, while Britain's FTSE 100 fell 0.23%. 

During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.07%, while Japan’s Nikkei 225 Index fell 0.39%.