04:06 PM EDT, 08/28/2024 (MT Newswires) -- US benchmark equity indexes ended lower Wednesday as trading volume slumped ahead of quarterly results from Nvidia ( NVDA ) , the poster child in artificial intelligence realm.

* Nvidia ( NVDA ), a significant contributor to the S&P 500 and the Nasdaq gains since October, is scheduled to report quarterly earnings after the markets close. Reuters reported late on Tuesday that the technology giant's earnings results could spur an over $300 billion swing in shares, citing data from analytics firm ORATS.

* Atlanta Federal Reserve Bank President Raphael Bostic, a voter on Federal Open Market Committee, is slated to speak at 6 p.m. ET. Last week, Bostic said it would be appropriate to lower interest rates sooner than expected as the risks to inflation and employment have come into better balance.

* The Mortgage Bankers Association reported a 0.5% rebound in mortgage applications in the week ended Aug. 23 after a 10.1% decrease in the previous week. New home applications rose by 1%, lifted by a fourth straight weekly decline in mortgage rates, while refinancing activity fell by 0.1%.

* September West Texas Intermediate crude oil closed down $1.01 to settle at $74.52 per barrel, while October Brent crude, the global benchmark, was last seen down $0.91 at $78.64 as a report showed a smaller than expected drop in US oil inventories last week offsetting worries over the threatened withdrawal of more than one-million barrels per day of Libyan exports.

* J.M. Smucker (SJM) shares dropped 4.9% after it lowered its fiscal 2025 outlook for adjusted earnings per share and net sales growth.