Wednesday's early afternoon trade: stocks pare gains after Trump disbands two advisory councils

US stocks pared gains on Wednesday afternoon after President Donald Trump said he is disbanding his manufacturing council as well as the strategy and policy forum. Trump's move comes after two more CEOs resigned from the manufacturing council on Wednesday in response to the president's comments on the Charlottesville violence over the weekend.
At 13:18 pm ET, the Dow Jones Industrial Average was up 44.93 points, or 0.2 percent, at 22,043.92 and the S&P 500 was up 4.77 points, or 0.19 percent, at 2,469.38. The Nasdaq Composite was up 14.97 points, or 0.24 percent, at 6,347.99. Investors will look for clues on future interest rake hikes this year from the minutes scheduled for release at 1400 ET (1800 GMT).
Policymakers unanimously decided to keep interest rates unchanged in the July 25-26 meeting and said they planned to reduce the central bank's massive holdings of bonds "relatively soon". "If the minutes suggest a deviation, whether them being more hawkish or more dovish, that may cause the market to change direction," said Adam Sarhan, chief executive of Sarhan Capital in New York. A slide in inflation readings in recent months, which remain below the Fed's 2 percent target rate, have made the markets skeptical about a rate hike by December.