MARKET SNAPSHOT: Stocks Waver, But Bed Bath & Beyond Rises

By Carla Mozee and Victor Reklaitis, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks vacillated between small gains and losses Wednesday, with the S&P 500 catching its breath somewhat after a losing streak that's been blamed in part on worries about global growth and Mideast fighting.

Investors are on the lookout for speeches by Federal Reserve officials later in the day. A stronger-than-expected report on new-home sales didn't spark big moves by the main indexes.

The S&P 500(SPX) was last up less than 1 point to 1,983. Energy performed worst among the S&P's 10 sectors, while consumer staples fared best. The benchmark has closed lower for three days in a row, pulling back from last Thursday's record close.

The Dow Jones Industrial Average(DJI) edged up 12 points, or 0.1%, to 17,068. The blue-chip gauge has finished lower for two straight days, retreating from its record close Friday.

Meanwhile, the tech-heavy Nasdaq Composite(RIXF) added 5 points, or 0.1%, to 4,514, while the small-cap Russell 2000(RUT) -- which has lagged the other indexes this month and this year -- gained less than 1 point to 1,119.

(Read more in Need To Know: Investors, media fixated on imploding small-cap stocks http://www.marketwatch.com/story/gold-10000-and-why-golden-is-worse-than-death-when-it-comes-to-crosses-2014-09-24.)

Trading rebound fades: The main indexes advanced to their session highs out of the gate Wednesday, but then lost steam. Wednesday's early advance may have been more of a trading rebound than anything else, said Colin Cieszynski, chief market strategist at CMC Markets.

"Economic news flow has been light," he said in a note, adding that "monetary policy direction (more dovish in Europe, more hawkish in the US) hasn't really changed."

Today's key economic news: The Commerce Department said sales of new single-family homes surged 18% in August to a seasonally adjusted annual rate of 504,000, the fastest pace in more than six years. Economists polled by MarketWatch had expected a sales rate of 426,000.

Investors are also awaiting hints on Wednesday afternoon about the Federal Reserve's timetable for raising interest rates.

Cleveland Fed President Loretta Mester, a voting member of the central bank's policy committee this year, is due to speak at 12:15 p.m. Eastern. Her speech may deliver "the most potentially significant news of the day," Cieszynski said.

Chicago Fed President Charles Evans, who will be a voting member on the rate-setting panel in 2015, is expected to speak at 1 p.m. Eastern.

Movers and shakers: Bed, Bath & Beyond (BBBY) shares climbed more than 6% to lead the S&P 500 after the home-furnishings retailer late Tuesday posted better-than-expected quarterly earnings.

Accenture (ACN) shares fell nearly 2%, making it one of the worst performers on the S&P 500, after the consulting firm issued a cautious outlook for its next fiscal year.

(Read more in the Movers & Shakers column http://www.marketwatch.com/story/bed-bath-beyond-kb-home-jabil-likely-in-focus-2014-09-24.)

Other markets: Japan's Nikkei Average shed 0.2%. Meanwhile, the dollar fell against the yen (USDJPY) after Japan's prime minister said he's cautious about the yen's recent weakness.

European stocks mostly gained after initially wavering following a sluggish reading on German business confidence. Gold futures (GCZ4) dipped, and oil futures(CLX4) also declined.

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