By Alexandra Scaggs 

U.S. stocks pared some gains after minutes from the Federal Reserve's latest policy-setting meeting indicated officials debated whether to raise rates sooner than expected.

The Dow Jones Industrial Average tacked on 25 points, or 0.1%, to 16945. The S&P 500 index gained one points, or 0.1%, to 1983. Technology stocks lagged, with the Nasdaq Composite Index declining four points, or 0.1%, to 4523.

Before regaining their poise, stocks in the wake of the minutes turned lower in afternoon trading as the Fed gave more evidence of an intensifying debate on how to respond to a quickly strengthening labor market. Investors have been keeping a close eye on when the Fed could raise interest rates. Many say it has helped support stock-market gains this year.

"Markets are nervous about what the Fed's [rate raise] is going to look like," said David Lebovitz, global markets strategist for J.P. Morgan Funds. "The stock market seems to get particularly nervous...mostly because it's not really sure of what that entails."

Mr. Lebovitz doesn't think that the Fed is rushing to raise rates, however. "They're continuing to hedge their bets," he said.

Central bankers are in the spotlight this week, between the meeting minutes and a closely watched annual gathering of central bankers in Jackson Hole, Wyo., where Fed Chairwoman Janet Yellen and European Central Bank President Mario Draghi are scheduled to speak later this week.

Stocks in the U.S. and Europe have recently staged a recovery from a mid-July pullback, which was sparked by a bout of geopolitical fears and concerns about the end of the Fed's loose monetary policy. As of Tuesday's close, the Dow was off 1.3% from its July 16 record and the S&P was just 0.3% below its July 24 record.

European stocks were mostly lower, with the Stoxx Europe 600 Index down 0.1% in recent trading.

"There's a lot of mixed sentiment" from investors in Europe, said Michael Antonelli, sales trader with Robert W. Baird. He recently visited Baird clients in the region, and said many "are on the fence."

In corporate news, Home Depot led the Dow higher, gaining 1.9%. That advance came on the back of Tuesday's 5.6% gain on strong second-quarter earnings and upbeat housing-market data. Its competitor Lowe's was little changed, after reporting strong second-quarter results but lowering its sales outlook for the year.

PetSmart Inc. said it would explore strategic alternatives, including a possible sale. The company said it would implement a cost-reduction program. Shares rose 0.3%.

In commodity markets, crude-oil futures rose 0.2% to $93.07 a barrel. Gold futures slipped 0.2% to $1,294.70 an ounce.

Write to Alexandra Scaggs at alexandra.scaggs@wsj.com