U.S. stocks pause ahead of Fed minutes

U.S. stocks struggled to advance on Wednesday, switching between small gains and losses ahead of the release of minutes from the Federal Reserve’s most recent policy meeting.

A jump in oil prices lifted energy companies, but was not enough to spur broad-based buying on Wall Street.

The S&P 500 SPX, +0.07% was off by 1 point, or 0.1% at 2,044, with telecoms leading declines. The Dow Jones Industrial Average DJIA, -0.18% declined 20 points, or 0.1% to 17,576. The Nasdaq Composite COMP, +0.33% advanced 12 points, or 0.2% to 4,855.

“In a current environment, absence of any news should be treated as good news. We expect the minutes from the Fed meeting to be dovish, and confirm what Janet Yellen has said already,” said Steve Chiavarone, associate portfolio manager at Federated Investors Global Allocation Fund.

Chiavarone also cautioned that high valuations impede any large gains in the near future.

“When stocks are trading at 18 times forward earnings the only way to go up is substantial improvement in earnings coupled with stabilization of oil prices or multiple expansion. However, multiple expansion in such an uncertain environment is less likely,” he said, adding that it is better to stay neutral in allocating to U.S. stocks.

On Wednesday, West Texas Intermediate crude CLK6, +2.87% was up roughly 3.3%. The rise came after an industry group late Tuesday reported a drop in supplies and as Kuwait raised fresh hopes for a production freeze.

Weekly government data on the U.S. petroleum supply is due for release at 10:30 a.m. Eastern Time.

Other markets: European stocks SXXP, +0.07% strolled higher, while most Asian markets closed up after services data showed bright spots in the Chinese economy. Gold futures GCJ6, -0.47% edged lower, and a key dollar index DXY, +0.02% inched higher.

Economic news: The Federal Reserve is scheduled to release the minutes of its March 15-16 meeting at 2 p.m. Eastern Time.

In addition, Cleveland Fed President Loretta Mester is due to give a speech in Cleveland at 12:20 p.m. Eastern.

Individual movers: Allergan PLC AGN, +2.31% shares rose 1% despite news that drug giant Pfizer Inc. PFE, +2.83% has decided to kill its planned $150 billion takeover of the Botox maker. The move comes as the U.S. Treasury Department takes aim at tax inversion deals.

Shares of Monsanto Co. MON, -0.22% rose 1% even as the company missed earnings expectations and cut its outlook.

Constellation Brands Inc. STZ, +4.13% rose 4.4% after the company posted stronger-than-expected fiscal fourth-quarter earnings and raised its dividend.

Amazon.com Inc. AMZN, +1.17% and Microsoft Corp. MSFT, -0.33% reportedly may take minority stakes in the HERE digital mapping service.

Bed Bath & Beyond Inc. BBBY, -0.98% is due to report quarterly results after the