US stocks drop with Dow snapping 5-day win streak as investors parse Fed minutes and earnings

• US stocks retreated Wednesday, with the Dow Jones Industrial Average snapping its five-day win streak.
• Minutes from the Federal Reserve's July meeting indicated policymakers see the pace of future rate hikes slowing.

US stocks retreated Wednesday, with the Dow Jones Industrial Average snapping its five-day win streak, as investors weighed central bank comments and retail earnings.

Minutes from the Federal Reserve's July meeting indicated policymakers see the pace of future rate hikes slowing.

"The famous words from Fed Chairman Jerome Powell after the last FOMC meeting was that the Fed would remain 'data dependent' moving forward," Louis Navellier, chairman and founder of Navellier & Associates, said in a note. "They might only increase rates one more time on September 21st and then they'll be done."

Meanwhile, Target stock slid 2.7%, as the retail giant missed earnings forecasts due to large-scale markdowns that were needed to move excess inventory.

Here's where US indexes stood as the market closed at 4:30 p.m. on Wednesday:

• S&P 500: 4,274.04, down 0.72%

• Dow Jones Industrial Average: 33,980.32, down 0.5% (171.69 points)

• Nasdaq Composite: 12,938.12, down 1.25%

Economist Nouriel Roubini told Bloomberg TV that investors hoping for a strong Fed pivot to easing are "delusional," as rising prices are outpacing central bank action.

And economist Henry Kaufman echoed similar sentiments, telling the Financial Times that Fed Chair Jerome Powell needs to go further and "shock the market" to tame inflation.

Elsewhere, Russia expects prices for gas exports to jump 140% compared to 2021 levels, as the Kremlin limits flows to Europe via the Nord Stream pipeline. Prices have soared since Russia's invasion of Ukraine in February.

Crude oil extended gains, with West Texas Intermediate climbing 1.12% to $87.48. International benchmark Brent crude was 0.70% higher at $92.99.

Gold fell 0.49% to $1,766.70 an ounce. The yield on 10-Year Treasury notes gained 6.9 basis points to 2.893%.

Bitcoin shed 0.98% to $23,325.06.