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Nvidia ( NVDA ) shares fall ahead of results due after market close

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Fed mins at 2 pm ET

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Target's ( TGT ) weak results weigh on shares

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TJX lifts annual profit forecast on strong demand

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Analog Devices ( ADI ) rises on upbeat Q3 revenue forecast

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Indexes: Dow down 0.07%, S&P flat, Nasdaq up 0.07%

(Updated at 10 am ET)

By Ankika Biswas and Lisa Pauline Mattackal

May 22 (Reuters) - Wall Street's main indexes were

mostly flat on Wednesday as investors kept to the sidelines

ahead of AI chip leader Nvidia's ( NVDA ) quarterly results and the

Federal Reserve's policy meeting minutes later in the day.

All eyes will be on whether semiconductor bellwether

Nvidia's ( NVDA ) first-quarter results, due after market close,

can meet sky-high expectations and sustain bumper gains recorded

by the company's shares and other AI-related stocks.

Nvidia ( NVDA ) has emerged as the third-largest U.S. company by

market value following a more than 92% surge in its shares this

year and an over threefold jump in 2023.

"The market is looking for a new catalyst, and maybe that

will be Nvidia ( NVDA ). We've come off of a very strong earnings season,

but at current levels, you could be subject to some sort of a

pullback on any disappointment," said Peter Cardillo, chief

market economist at Spartan Capital Securities.

The company's shares lost 0.6%, reversing premarket gains.

Wall Street's recent bull run has carried all three major

indexes to record highs this month, driven by a strong earnings

season as well as renewed hopes for interest-rate cuts and a

so-called soft landing for the U.S. economy.

The Nasdaq briefly touched a fresh record high after markets

opened, before retreating. The tech-heavy index and the

benchmark S&P 500 both closed at all-time highs on

Tuesday.

Analysts polled by Reuters see the S&P 500 closing the year

near current levels at 5,302, but warned the index's strong run

means it is at risk of a correction in coming months.

Investors are also keenly awaiting minutes from the U.S.

central bank's latest policy meeting, due at 2 p.m. ET, for more

clarity on the timing of a rate cut. Several policymakers have

reiterated the need to wait for more signs of easing inflation

before cutting rates.

"The Fed's data-dependent over the next two months or so but

I do see a little bit of a shift in terms of perhaps members

warming up to a rate cut possibly in the fourth quarter or the

very latter part of the third quarter," Cardillo said.

Traders see near 68% odds of the Fed cutting rates in

September by at least 25 basis points, according to CME's

FedWatch Tool.

At 10:02 a.m. ET, the Dow Jones Industrial Average

was down 27.67 points, or 0.07%, at 39,845.32, the S&P

500 was down 0.82 points, or 0.02%, at 5,320.59, and the

Nasdaq Composite was up 11.95 points, or 0.07%, at

16,844.57.

Retailer Target ( TGT ) dropped 8.6% on weak quarterly

results and second-quarter forecasts for profit and comparable

sales that were below expectations.

Chipmaker Analog Devices jumped 7.6% after

forecasting third-quarter revenue above expectations, while

U.S.-listed shares of PDD Holdings ( PDD ) soared 3.6% as the

e-commerce platform operator beat first-quarter revenue

estimates.

Analog's gains helped lift the S&P 500's information

technology sector 0.3%, while the energy sector

led sectoral declines.

Declining issues outnumbered advancers for a 1.69-to-1 ratio

on the NYSE and a 1.08-to-1 ratio on the Nasdaq.

The S&P index recorded 34 new 52-week highs and five new

lows, while the Nasdaq recorded 53 new highs and 56 new lows.

(Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru;

Editing by Devika Syamnath)