Fed in focus; Target reports; World Cup sponsors meet

Investors digesting a myriad of headlines today, including China, oil, earnings and inflation. But stocks (^GSPC) may be most affected by this afternoon's release of the minutes from the Federal Reserve's July meeting...and whether policymakers will give any hints as to when they will start raising interest rates.

Yahoo Finance Senior Columnist Michael Santoli says investors aren't the only ones keeping their eyes on what's going on around the world--  Janet Yellen and company are, too.

"Nothing is really escaping this central question of what the Fed might do and how it's going to treat all these asset classes across the world," he explains. "We have these deflationary pressures everywhere, then you have all these currency adjustments around the world, raising questions about the global growth picture and whether things seem a little too fragile, perhaps, for the Fed to move even though the Fed wants to based on domestic data."

Wall Street is also looking at a report closely-watched by the Fed, the Consumer Price Index, which shows a less-than-forecast increase in retail inflation last month.

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Target on target for earnings

Here are some of the stocks the Yahoo Finance team will be watching for you today with another big day for retail earnings.

Target (TGT) The company reporting a beat on both earnings and revenue in the second quarter. Target says sales increased 2.8% helped by increased demand for home goods and apparel as well as a big jump in online purchases. And Target is raising its full year earnings forecast.

Staples (SPLS) The biggest office supply chain matched estimates for second quarter profit...but revenue was just a bit below forecasts. Sales declined as Staples closed some stores and felt the effects of the strong dollar. And the company expects current quarter revenue to be lower than a year ago.

Lowe's Companies (LOW) The second-biggest home improvement retailer missed on the bottom line but beat estimates on the top line in the quarter. Lowe's reports sales jumped 4.5% in the period, driven by demand for appliances and outdoor power equipment. The company anticipates sales for the full year will be the same or slightly better.

Hormel Foods (HRL) The food processing company that makes the famous Spam canned meat had a fiscal third quarter profit that beat estimates, although revenue came in light. Hormel says it got a boost from sales of chili, Skippy peanut butter and Muscle Milk. And the company is raising its full-year earnings forecast.

Analog Devices (ADI) The semiconductor products maker topped analysts' estimates for both profit and revenue in its fiscal third quarter. The company says sales set a record in the period...and it anticipates strong growth in the current quarter.

Palatin Technologies (PTN) Shares getting a boost because the bio-pharma firm makes a treatment for female sexual disfunction. Late yesterday, the Food and Drug Administration approved a similar medicine from Sprout Pharmaceuticals, the first for so-called "female Viagra."

Yum's China move

Fast food operator Yum Brands (YUM) is facing heat. The KFC and Pizza Hut owner announcing new leadership for its China division, an important market for the company facing sliding sales as activist investors push to spin off its business there.

More wrongdoing on Wall Street? The Wall Street Journal reports JPMorgan Chase (JPM) is close to settling allegations it steered certain investments to clients, without disclosing they were JPMorgan’s own products. The SEC fine will likely be over $150 million.

It's damage control time for FIFA. Reuters reports soccer’s governing body is meeting behind closed doors with key World Cup sponsors tomorrow, as the company tries to contain the fallout from its massive bribery scandal that’s ensnared nine officials so far.

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