Stock futures slightly higher ahead of Fed minutes

[May 20, 2015]  By Tanya Agrawal

(Reuters) - U.S. stock index futures were slightly higher on Wednesday, a day after the Dow closed at a record high for the second straight day and ahead of the release of minutes from last month's Federal Reserve meeting.

* Investors will keep a keen eye on the minutes for any clues on the timing of an increase in interest rates. The minutes are expected to be released at 2:00 p.m. ET (1800 GMT).

* Economic growth slowed to a crawl in the first quarter and the Fed has said it will raise rates only when data suggests that the economy is strengthening.

* Recent data has painted a mixed picture. Consumption, business spending and manufacturing data has suggested the economy is struggling, but housing starts data was strong.

* A rate hike is not likely to be appropriate until early 2016, Chicago Fed President Charles Evans said.

* The Dow Jones industrial average <.DJI> closed at a record high for the second straight day on Tuesday. Earlier in the session, it hit an all-time intraday high of 18,351.36.

* The euro slid to a two-week low and a rally in European shares stalled on Wednesday after a Greek official said the country may not make an upcoming repayment to the International Monetary Fund.

* Yahoo Inc gained 2.1 percent to $41.85 premarket after a dramatic sell-off late Tuesday on worries that a potential regulation change would affect the spin-off of its stake in Alibaba.

* Lowe's fell 6 percent to $67.50 after reporting a lower-than-expected quarterly profit and sales.

* Etsy, which went public last month, slumped 16.5 percent to $17.53 after the operator of an online marketplace for handmade goods posted a bigger loss.

* Pep Boys Manny Moe and Jack rose 16.7 percent to $10.79 on a report that the auto parts retailer had received takeover approaches.

* Sarepta Therapeutics soared 46.83 percent to $24.05 on plans to file for a marketing application for its muscle drug.

* Target is expected to report results before the bell, while NetApp and Salesforce.com <CRM.N> will report after the close.

Futures snapshot at 7:04 a.m. ET (1104 GMT):

* S&P 500 e-minis were up 0.75 points, or 0.04 percent, with 79,326 contracts traded.

* Nasdaq 100 e-minis  were up 5.25 points, or 0.12 percent, on volume of 11,385 contracts.

* Dow e-minis were up 12 points, or 0.07 percent, with 20,590 contracts changing hands.

(Editing by Savio D'Souza)

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