01:56 PM EDT, 05/22/2024 (MT Newswires) -- US benchmark equity indexes were little changed intraday, as markets awaited minutes from the Federal Reserve's May monetary policy meeting and the latest financial results of Nvidia ( NVDA ) .

The Dow Jones Industrial Average ticked 0.1% lower to 39,843.9, while the S&P 500 and the Nasdaq Composite were almost flat at 5,320 and 16,833.2, respectively. Among sectors, energy saw the steepest decline, while healthcare paced the gainers.

Minutes of the Federal Open Market Committee's meeting held earlier this month are scheduled to be released at 2 pm ET. At the meeting, the FOMC held its benchmark lending rate steady for the sixth straight time and said there's been "a lack of further progress" in bringing inflation down in recent months.

"Although the May FOMC minutes may be stale, we'll still look for what the Fed's policymakers may say about the long-run 'dots' in June," Macquarie said in a Wednesday note.

The US two-year yield rose 3.4 basis points to 4.87% intraday, while the 10-year rate gained one basis point to 4.42%.

Nvidia ( NVDA ) is scheduled to report results after the closing bell, along with other names such as Synopsys ( SNPS ) and Snowflake (SNOW).

Lululemon Athletica ( LULU ) shares dropped 7.5%, the steepest decline on the S&P 500 and the Nasdaq. The athletic apparel maker said late Tuesday that Jonathan Cheung, global creative director, will drive its product design and innovation roadmap while continuing to oversee design, innovation, and product development following the departure of Chief Product Officer Sun Choe.

Target's ( TGT ) fiscal first-quarter earnings unexpectedly declined, while the retailer issued a downbeat bottom line guidance at the midpoint for the ongoing three-month period. The company's shares were down 7.1% intraday Wednesday, the second-worst performer on the S&P 500.

Analog Devices ( ADI ) was among the top gainers on the S&P 500 and the Nasdaq, up 9.2%.

West Texas Intermediate crude oil fell 0.7% to $78.08 per barrel intraday.

In economic news, mortgage applications in the US continued their upward trend as the 30-year fixed rate on conforming loan balances declined to its lowest level in seven weeks, the Mortgage Bankers Association said.

Gold was down 1.3% at $2,394.80 per troy ounce, while silver dropped 1.8% to $31.50 per ounce.