04:26 PM EDT, 05/28/2025 (MT Newswires) -- US benchmark equity indexes closed lower on Wednesday, after minutes from the Federal Reserve's May monetary policy meeting and ahead of Nvidia's ( NVDA ) latest financial results.

The Nasdaq was down 0.5% to 19,100.94, while the S&P 500 fell 0.6% to 5,888.56. The Dow Jones Industrial Average was down 0.6% to 42,098.70. All sectors declined, with utilities and materials being the biggest decliners.

US Treasury yields were higher, with the 10-year rate increasing 2.8 basis points to 4.48% and the two-year rate gaining 5.1 basis points to 4%.

July West Texas Intermediate crude oil increased 1.2% to $61.62 a barrel on Wednesday.

Federal Reserve officials said that tariffs-induced upside risks to inflation could complicate the central bank's monetary policy, especially if labor market conditions weaken.

At the meeting in early May, the Federal Open Market Committee left its benchmark lending rate unchanged at 4.25% to 4.50% for a third straight time.

"Participants agreed that uncertainty about the economic outlook had increased further, making it appropriate to take a cautious approach until the net economic effects of the array of changes to government policies become clearer," the meeting minutes showed Wednesday.

In economic news, mortgage applications in the US fell for the second consecutive week as the 30-year fixed rate for conforming loan balances logged a third straight weekly increase, the Mortgage Bankers Association said.

In company news, Fair Isaac ( FICO ) shares were up 7.7%, the best performer on the S&P 500. Baird upgraded the company's stock to outperform from neutral and cut its price target to $1,900 from $2,021. Wolfe Research maintained an outperform rating for Fair Isaac ( FICO ) and cut its price target to $2,000 from $2,400.

Hologic ( HOLX ) shares were up 2.5% a day after the Financial Times reported that Blackstone (BX) and TPG (TPG) have offered to acquire the medical technology company for more than $16 billion and take it private.

Siebert Financial ( SIEB ) shares jumped 9.4%. The company's unit Gebbia Media acquired rock music label Big Machine Rock from Big Machine Label Group for an undisclosed amount.

AES ( AES ) shares fell 3.7%. Seaport Global adjusted the price target on the company's stock to $5 from $7, and maintained its sell rating.

Gold decreased 0.2% to $3,294.90 per troy ounce, while silver was down 0.7% to $33.08 per troy ounce.