U.S. stocks trade mixed ahead of Fed Beige Book

U.S. stocks pared early losses to trade mixed around midday Wednesday, as investors awaited the Federal Reserve's Beige Book for more clues on the timing of a next rate hike.

At noon, the Dow Jones Industrial Average fell 25.71 points, or 0.14 percent, to 17,761.49. The S&P 500 lost 2.05 points, or 0.10 percent, to 2,094.91. The Nasdaq Composite Index edged up 0.59 point, or 0.01 percent, to 4,948.65.

Analysts will look into the Fed's latest Beige Book, which is scheduled for release later in the afternoon, for details on the state of the U.S. economy.

The uncertainty over the timing of a next rate hike has weighed on market sentiment recently.

Investors believed that the possibility of a June rate hike was higher after the Fed's hawkish minutes from its April meeting. Moreover, Fed Chair Janet Yellen said Friday that an interest rate hike in the next few months would probably be appropriate if economic data improved.

On the economic front, the May purchasing managers' index registered 51.3 percent, an increase of 0.5 percentage point from the April reading of 50.8 percent, according to the Institute for Supply Management (ISM) Wednesday.

Meanwhile, U.S. construction spending during April 2016 was estimated at a seasonally adjusted annual rate of 1,133.9 billion U.S. dollars, 1.8 percent below the revised March estimate, reported the Commerce Department Wednesday.

Oil prices were also in focus, which traded slightly lower around midday Wednesday, as traders eyed the Organization of the Petroleum Exporting Countries' Thursday meeting.

On Tuesday, U.S. stocks closed mixed as Wall Street digested a batch of economic reports. Enditem