US pre-open: Futures flat ahead of key FOMC minutes

US stocks were set for a subdued start on Wednesday as investors awaited the minutes of the latest Federal Reserve policy meeting to find out more about the outlook for interest rates.

Futures were more or less flat across all three main benchmark indices on Wall Street in pre-market trade, with the Dow Jones little changed at 35,010, the S&P 500 at 4,452 and the Nasdaq at 15,097.

Stocks slumped on Tuesday as stronger-than-expected US retail sales figures raised concerns that the Fed may step in once again to fight inflationary pressures.

“A healthy consumer was supposed to drive soft landing calls, but too much consumer resilience will drive the Fed to keep rates higher for longer,” said Edward Moya, analyst at Oanda. “This US retail sales report showed spending is picking up, especially given the upward revisions for June's report.”

In economic data, housing starts and industrial production data for July will be released before the opening bell, at 0830 ET, along with crude oil inventories not long after. The FOMC minutes are due out for release at 1400 ET.

In company news, retail heavyweight Target beat expectations with its second-quarter earnings, but slashed its guidance for the full year. Earnings per share are expected to come in at $7-8, down from previous forecasts of $7.75-8.75.

Tax-filing solutions provider H&R Block jumped after the bell on Tuesday after smashing forecasts with its second-quarter earnings and lifting its guidance for the full year.