In afternoon trading, the Dow Jones industrial average and the S&P 500 are down about 0.1% each, while the Nasdaq composite is down 0.4%.
Investors hope to get clues into the Fed's next moves on stimulus easing at 2 p.m. ET, when the minutes are released.
At its January meeting, the Fed voted to pull back further on its bond-buying program, which has pushed down long-term interest rates and helped push the stock market higher. It was also the last meeting led by former Fed Chairman Ben Bernanke.
Zale stock is soaring -- up as much as 40% -- on news that Signet Jewelers will acquire the company. Signet also jumped, rising 16%.
JEWELERS JOIN: Signet acquiring Zale
Oil kept cruising above the $100 a barrel mark. Benchmark U.S. oil for March delivery was up 35 cents to $102.45 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $2.13 overnight to $102.43.
Shares were lackluster in Asia on Wednesday. The Nikkei 225 in Tokyo slipped 0.5% to 14,766.53 after big gains the previous day.
TUESDAY: S&P 500, Nasdaq close higher
On Tuesday, the S&P 500 rose 0.1% to 1,840.76 and the Nasdaq composite rose 0.7% to 4,272.78. The Dow fell 0.2% to 16,130.40.
Markets across Europe were tepid, with France's CAC eking out a 0.2% gain while the FTSE in Britain and Germany's DAX were flat.
The Associated Press contributed.
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