04:21 PM EDT, 07/09/2025 (MT Newswires) -- US benchmark equity indexes closed higher on Wednesday after the Federal Reserve's recent meeting minutes indicated divided views among officials regarding potential rate cuts.

The Nasdaq was up 0.9% to 20,594.07 while the S&P 500 increased 0.5% to 6,259.12. The Dow Jones Industrial Average gained 0.5% to 44,441.40. Among sectors, utilities led the gainers while consumer staples had the steepest decline.

US Treasury yields were lower, with the 10-year rate falling 6.9 basis points to 4.34% and the two-year rate declining 3.7 basis points to 3.87%.

August West Texas Intermediate crude oil fell 0.04% to $68.30 a barrel on Wednesday.

Federal Reserve officials are concerned that the Trump administration's international trade policies may fuel inflation and complicate the path to interest rate cuts, according to minutes from the June 17-18 Federal Open Market Committee (FOMC) meeting released Wednesday.

FOMC members noted that increased tariffs were likely to exert upward pressure on prices. "There was considerable uncertainty, however, about the timing, size, and duration of these effects," the minutes stated.

In economic news, mortgage applications in the US jumped last week as the 30-year fixed rate on conforming loans hit a three-month low, the Mortgage Bankers Association said.

In company news, AES ( AES ) shares were up 20%, the top performer on the S&P 500. The company is exploring options, including a potential sale, according to a Bloomberg report.

Enphase Energy ( ENPH ) shares were up 4.7%, even after Goldman Sachs downgraded its rating to sell from buy and reduced the price target to $32 from $77.

Fair Isaac ( FICO ) shares fell 6.6%, the worst performer on S&P, after Jefferies, Barclays, and Wells Fargo revised price targets downwards.

Gold increased 0.2% to $3,323.30 per troy ounce, and silver was down 0.3% to $36.64 per troy ounce.