U.S. stocks trade lower amid earnings

NEW YORK, May 23 (Xinhua) -- U.S. stocks traded lower on Wednesday as investors were digesting a batch of quarterly earnings reports.

At midday, the Dow Jones Industrial Average decreased 123.52 points, or 0.50 percent, to 24,710.89. The S&P 500 was down 7.93 points, or 0.29 percent, to 2,716.51. The Nasdaq Composite Index sank 3.74 points, or 0.05 percent, to 7,374.71.

Several major U.S. retailers reported earnings on Wednesday.

Shares of Minneapolis-based Target decreased more than 5 percent around midday after it reported first-quarter earnings that missed analysts' expectations.

Luxury jeweler Tiffany had a bright morning on Wednesday. Its shares surged over 19 percent at midday after the high-end jeweler delivered quarterly results that easily beat analysts' estimates.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the first quarter of 2018 are expected to rise by 26.2 percent year on year, while the revenues are forecast to increase 8.2 percent.

Meanwhile, investors kept a close eye on the minutes from the Federal Reserve's latest meeting, which is scheduled for release Wednesday afternoon. Enditem