By Barbara Kollmeyer, MarketWatch

MADRID (MarketWatch) -- U.S. stock futures moved to the flat line on Wednesday amid some concerns the rally could be running out of some steam, and as investors waited for the minutes of the latest Federal Open Market Committee meeting.

Shares of Apple Inc. were slightly higher in premarket after setting a closing record on Tuesday, while Lowe's Cos. fell on results.

Futures for the Dow Jones Industrial Average (DJU4) fell 2 points to 16,879, while those for the S&P 500 index (SPU4) eased 0.5 point to 1,976.70. Futures for the Nasdaq-100 index (NDU4) rose 1 point to 4,035.25.

No economic events are on Wednesday's calendar beyond the minutes of the July 29-30 FOMC meeting. Some of the language in the July policy statement was more hawkish, with the Fed dropping language describing the jobless rate as "elevated," instead noting "a range of labor market indicators suggests that there remains significant under-utilization of labor resources."

"The question which everyone will be asking is if the Fed are ready to increase the interest rate sooner rather than later. Some hawkish members have certainly started beating the drums of an early increase," said Naeem Aslam, chief market analyst at Ava Trade.

Read: Morgan Stanley's take on the Fed's exit plan

While investors may glean clues about the Federal Reserve's exit strategy from the minutes, markets may also quickly move past them to focus on Fed Chairwoman Janet Yellen's speech on Friday morning (10 a.m. Eastern Time) in Jackson Hole, Wyo. Read: Yellen to stress patience on rates at Jackson Hole

U.S. stocks were buoyed on Tuesday by better-than-expected housing starts and a handful of upbeat earnings. The S&P 500 index (SPX) rose 0.5%, to close at 1,981.60, while the Dow industrials (DJI) gained 0.5% to end at 16,919.59. The Nasdaq Composite (RIXF) added 0.4% to finish at 4,527.51, scoring its highest close since March 31, 2000 for the second session in a row.

What strategists are saying: Wall Street has seen a boost in recent sessions due to a lack of upheaval on the geopolitical front, but this rally looks to be running out of steam, said Joao Monteiro, analyst at Valutrades, in a note to investors.

"This is perhaps no real surprise -- markets are now nudging back into that inflated territory and there is still the risk of one or more of the conflict hot-spots escalating significantly, although the risk-on trade remains in favor -- we have USD/JPY (USDJPY) back above Yen103 and gold (GCZ4) resolutely below $1,300/oz," he said.

If the Fed minutes show another bias, Monteiro said equities "could well find an excuse to move higher once again."

Investors should keep buying the dips in this market, because it's just showing signs of a maturing bull phase, rather than "warning of an impending market turnaround," said strategists at Citigroup in a recent note. Among the five measures they look at, stock-return volatility across sectors remains stubbornly low and doesn't suggest a narrowing of the market, say the Citi analysts.

Also read: Wednesday's Need to Know: The 'short of the decade' and one willful bull's call for Dow 19,000

Movers & shakers: Apple Inc. (AAPL) nailed an all-time split-adjusted closing high of $100.53 on Tuesday, and shares were trading above that in premarket, around $100.78 per share. Read: 7 reasons why this product cycle will be different for Apple

Hertz Global Holdings Inc. (HTZ) shares slumped 14% in premarket after the rental-car company said it expects to be "well below the low end" of guidance, due to operational challenges and costs from restating its financial statements for the last three years.

Real Goods Solar Inc. (RGSE) fell 17% after the company posted a loss late Tuesday and said its chief executive Kam Mofid had resigned, with Dennis Lacey taking his place.

Lowe's Cos. (LOW) fell 3% in premarket trading after the company cut its 2014 sales outlook.

Digital Ally Inc. (DGLY) rallied 9% after late-session gains from a report that police officers tend to use less force when wearing cameras. The company makes wearable cameras for law enforcement.

Shares of PetSmart Inc. (PETM) rose 2% in premarket after the pet-supplies retailer said late Tuesday it was exploring "strategic alternatives," including a possible sale of the company. It also reported second-quarter earnings that beat forecasts.

La-Z Boy Inc. (LZB) could see premarket pressure after a late-trade drop, which came after earnings fell short of forecasts. The furniture-maker also said its board had approved a buyback of up to 5 million additional shares.

Other markets: The British pound (GBPUSD) rose against the dollar, after the minutes of the Bank of England's latest policy meeting showed a split vote for the first time in three years. Two members voted for a rate hike. The FTSE 100 index eased, while the Stoxx Europe 600 index was flat. Russia and Ukraine worries hurt Carlsberg AS , which slid over 4% after it warned that problems due to that conflict will have a bigger-than-expected hit on full-year earnings than initially thought.

In Asia, markets made moderate gains, outside a small loss for the Shanghai Composite Index . The dollar hit multi-month highs against the yen, British pound and euro on the heels of U.S. home-construction data from Tuesday.

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