Markets weak as they await Fed and data

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NEW YORK (CNNMoney)

U.S. stock futures were lackluster as they slipped slightly below Tuesday's closing numbers.

The market is waiting for the release at 2 p.m. ET of the minutes from the Federal Reserve's most recent policy meeting.

DailyFX strategist Ilya Spika said that European markets, which often lead Wall Street, are "treading water as markets wait to see minutes from October's FOMC policy meeting."

Investors are looking for further evidence that the central bank will continue its stimulus program into 2014, extending the huge bond-buying spree that has supported the U.S. economic recovery and helped boost stock markets to record levels.

On Tuesday evening, chairman Ben Bernanke made a speech that indicated Fed support was likely to continue into 2014.

Related: Bernanke says the recent jobs reports were "disappointing"

Markets are also waiting for the monthly Consumer Price Index from the U.S. Labor Department, which is the government's key measure of inflation. That data will come out at 8:30 a.m.

Inflation for October is expected to be flat, according to Briefing.com's consensus of economist forecasts, with a slight uptick in core CPI, which excludes volatile energy and food prices.

Also, the Census Bureau will publish its monthly report on retail sales at the same time.

At 10 a.m., the National Association of Realtors will release its monthly report on existing home sales.

Related: Fear & Greed Index, still greedy

On the corporate side, retailer J.C. Penney (JCP, Fortune 500) is scheduled to report quarterly results before the opening bell, while Green Mountain Coffee Roasters (GMCR) is up in the afternoon.

Lowe's (LOW, Fortune 500) reported a double-digit gain in quarterly profit, which Chief Executive Officer Robert Niblock attributed to the strengthening market for home improvement.

Shares in JPMorgan Chase (JPM, Fortune 500) were edging slightly lower in premarket trading after the investment bank announced a $13 billion settlement with the U.S. Department of Justice over mortgage-backed securities sold ahead of the financial crisis.

Yahoo (YHOO, Fortune 500) shares rose in premarket trading following the news on Tuesday that the company is boosting its stock buyback by another $5 billion.

Related: JPMorgan can deduct big chunk of $13 billion deal

U.S. stocks slipped Tuesday to just below record levels. The Dow Jones industrial average ended slightly lower after rising above 16,000 earlier in the day.

European markets were edging lower in morning trading and Asian markets ended with mixed results. Chinese indexes closed with gains though other key markets moved down.

First Published: November 20, 2013: 5:20 AM ET

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