(For a Reuters live blog on U.S., UK and European stock

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

close

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Minutes of Fed meeting expected 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 0.12%, S&P flat, Nasdaq up 0.10%

(Updated at 11:28 a.m. ET)

By Ankika Biswas and Lisa Pauline Mattackal

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

for direction on Wednesday as investors kept to the sidelines

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

of the Federal Reserve's policy meeting, due later in the day.

All eyes will be on whether semiconductor bellwether

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

close, can meet sky-high expectations and sustain the bumper

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

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

market value after a more-than 92% surge in its shares this year

and an over-threefold jump in 2023.

The company's shares were down 0.5%, after hitting a nearly

two-month high on Tuesday.

"The most important piece of the puzzle is whether Nvidia ( NVDA )

meets and beats expectations on the revenue line... investors

have certainly ramped up their expectations of a beat quarter,"

said Art Hogan, chief market strategist at B. Riley Wealth.

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 in choppy

trading.

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

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

strong run means it risks a correction in the 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

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

reiterated the need to wait for further signs of easing

inflation before cutting rates.

"We have every Fed President and governor with the

microphone leaving no unexpressed thoughts out there... We've

got a pretty good handle on where everybody stands," Hogan said.

Traders see 72% odds of the Fed cutting rates in September

by at least 25 basis points, according to CME's FedWatch Tool.

At 11:28 a.m. ET, the Dow Jones Industrial Average

was down 47.64 points, or 0.12%, at 39,825.35, the S&P

500 was down 1.70 points, or 0.03%, at 5,319.71, and the

Nasdaq Composite was up 17.61 points, or 0.10%, at

16,850.24.

Chipmaker Analog Devices jumped 7.8%, boosting

the S&P 500 Information Technology index after

forecasting third-quarter revenue above expectations.

Energy was the worst hit sector, down 1.7%,

tracking lower oil prices.

Retailer Target ( TGT ) dropped 7.5% after its quarterly

earnings and current-quarter forecast missed estimates.

TJ Maxx parent TJX gained 5.2% after raising its

annual profit forecast.

Chinese e-commerce firm GigaCloud Technology ( GCT ) lost

8.3% following a bearish report from Grizzly Research.

Declining issues outnumbered advancers for a 1.82-to-1 ratio

on the NYSE and for a 1.15-to-1 ratio on the Nasdaq.

The S&P index recorded 42 new 52-week highs and five new

lows, while the Nasdaq recorded 65 new highs and 77 new lows.