Stocks slip ahead of Fed minutes

Stocks edged mostly lower Wednesday as investors awaited minutes from Federal Reserve policymakers' most recent meeting for more insight on the central bank's views about additional quantitative easing.

The Dow Jones Industrial Average ($INDU) was down 33 points at 12,620. The S&P 500 ($INX) was flat at 1,342. The Nasdaq Composite ($COMPX) was down 15 points at 2,887.

The Federal Open Market Committee's minutes from the June 20 decision are due out at 2 p.m. ET.

Goldman Sachs economists say they will be particularly interested in how many FOMC members expect further eventual easing and in what form; how close the committee was to either doing more or less than Operation Twist 2 at the June meeting; how much discussion there was of qualitative changes in the forward guidance; and how much more negative the Fed staff has become about the economic outlook.

Stocks finished in the red Tuesday, pulled lower by earnings worries in the technology sector and continued apprehension about Europe's debt crisis after optimism about a rescue plan for Spain proved short-lived.

The Commerce Department reported before the markets open that the U.S. trade deficit shrank to $48.7 billion in May, from a slightly upwardly revised $50.6 billion in April, which was roughly in line with expectations for $48.5 billion, according to a survey of economists by Thomson Reuters. May exports were $0.4 billion more than April exports of $182.7 billion. May imports were $1.6 billion less than April imports of $233.3 billion.

The April to May increase in exports of goods reflected increases in foods, feeds, and beverages and capital goods. The April to May decrease in imports of goods reflected decreases in industrial supplies and materials; consumer goods; and foods, feeds, and beverages.

The Commerce Department said wholesale inventories edged higher in May, rising 0.3% to $484.1 billion, in line with economists' forecasts, Reuters reported. The government lowered its estimate for inventory growth in April, Reuters said, adding that inventories are a key component of GDP calculations. Many economists think economic growth slowed in the second quarter, and the wholesale inventories data appear to support that view.

In corporate headlines, UBS initiated coverage of Apple (AAPL) with a "buy" rating and a 12-month price target of $740, saying it sees the release of the iPhone 5 as another positive catalyst for the stock, which it views as being reasonably priced. UBS said long-term earnings per share could top $70, compared with the current consensus estimate of $48.84, in fiscal 2012. As for near-term earnings, UBS sees some potential bumps in the road.

JPMorgan Chase (JPM) plans to follow through on CEO Jamie Dimon's threats to claw back stock compensation from the employees responsible for the disastrous trade in the Dow component's synthetic credit portfolio that's led to at least $2 billion in losses, according to The Wall Street Journal.

VOXX International (VOXX) reported a fiscal-first-quarter​ loss of $9 million, or 20 cents a share, on sales of $194 million after the close Tuesday. The average estimate of analysts polled by Thomson Reuters was for a profit of 10 cents a share in the May-ended period on revenue of $207.8 million.

Hhgregg (HGG) joined the warning parade Tuesday, saying it now expects earnings of 90 cents to $1.05 a share in its fiscal year ending in March 2013. The Indianapolis consumer electronics and appliance retailer had previously forecast a profit of $1.12 to $1.27 a share, and Wall Street's current consensus view is for $1.20 a share.

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