NEW YORK (CNN/Money) - Stocks ended mixed Tuesday as investors digested the mostly unsurprising minutes from the last Fed meeting and played it cautious after the recent rally.

Nasdaq and S&P 500 futures point to a flat to weaker open Wednesday, when fair value is taken into account. Reports on tap for Wednesday include April durable goods orders and new home sales, as well as the weekly government read on oil inventories.

The Dow Jones industrial average (down 19.88 to 10,503.68, Charts) slipped 0.2 percent and the broader Standard & Poor's 500 (up 0.21 to 1,194.07, Charts) index ended little changed.

The Nasdaq composite (up 4.97 to 2,061.62, Charts) gained 0.2 percent, closing higher for the seventh consecutive session.

All three indexes had crept into positive territory shortly after the minutes of the central bank's May 3 meeting were released, in which the Fed policy makers noted higher inflation but indicated that the risk to economic growth was not overwhelming.

Treasury prices rose, lowering corresponding yields, and the dollar fell versus other major currencies.

Market breadth was negative. On the Big Board, losers beat winners by a narrow margin as 1.27 billion shares changed hands. On the Nasdaq, decliners edged out advancers seven to six as 1.72 billion shares changed hands.

Fed policy makers noted "a discernable upcreep" in inflation, according to the minutes from the meeting.

But while Fed policy makers worried about inflation signals and signs of slowing economic growth, the panel agreed that the risks between the two were roughly equally balanced.

"We didn't get much new information here," said Michael Darda, chief economist with MKM partners.

"The minutes didn't change the outlook for the interest rate moves priced into the market. The Fed is expected to raise the funds rate at least two more times unless economic data is released that will change this assumption," said Darda.

Before Tuesday, the Dow and S&P 500 had risen for five of the last six sessions, while the Nasdaq had risen six in a row. The advance was sparked by relief about falling oil prices, but also a sense that the economy is on track, inflation is not out of control and the Fed won't have to step up its rate-hiking campaign.

"The market is simply digesting those gains," said Katie Townshend, chief market technician at MKM.

"All in all, I think the market is hanging in here pretty well, after almost six up days," added John Hughes, market analyst at Shields & Co. "You're going to get days like this, where you see a little profit-taking, but it doesn't feel like there's an interest in taking the market a lot lower."

Creating some jitters ahead of the Fed minutes was a report from a prominent think tank that said the Fed would keep raising rates into 2006.

General Motors (down $0.90 to $31.69, Research) sank 2.75 percent after Fitch Ratings cut the debt ratings of the world's largest automaker to junk, following Standard & Poor's several weeks ago.

GM was the Dow's biggest loser.

Vodafone (down $1.53 to $25.34, Research) lost 5.7 percent after the world's largest mobile-phone company said tougher competition could trim its profit margin for the full year. The forecast offset news that the company will buy back $8.2 billion in shares and double its dividend.

The influential financial sector was weaker across the board, sending the Amex Securities Broker/Dealer (down $1.22 to $145.17, Research) index down 0.8 percent.

Genentech (up $2.00 to $78.60, Research) gained 2.6 percent in active New York Stock Exchange trading after releasing upbeat results from a late-stage trial of its experimental drug to treat blindness in older adults.

That was bad news for a pair of biotechs developing competing products. Both QLT (down $1.55 to $10.25, Research) and Eyetech Pharmaceuticals (down $11.02 to $12.95, Research) slumped in active Nasdaq trade.

TiVo (up $1.00 to $6.60, Research) rose nearly 18 percent after brokerage First Albany initiated coverage of the stock with a "strong buy" rating and set a 12-month price target of $16, well above Monday's closing price of $5.60.

JDS Uniphase (up $0.09 to $1.64, Research), a fiber-optic communications equipment maker, rose after saying it would purchase privately held Acterna, a maker of products to test optical networking equipment.

A variety of tech stock rose, pushing the Philadelphia Semiconductor (up 6.57 to 430.43, Charts) index, or the SOX, up 1.5 percent.

Investors seemed to take in stride a report showing a bigger-than-expected rise in existing home sales for April. Sales rose to a record 7.18 million unit annual rate from a revised 6.87 million rate in March. Economists surveyed by Briefing.com thought sales would rise to a pace of 6.90 million.

U.S. light crude for July delivery added 51 cents to settle at $49.67 a barrel on the New York Mercantile Exchange.

Treasury prices edged higher, lowering the yield on the benchmark 10-year note to 4.03 percent from 4.06 percent late Monday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar fell versus the yen and euro.

COMEX gold rose 80 cents to settle at $417.70 an ounce, gaining with other dollar-traded commodities.