04:03 PM EDT, 05/28/2025 (MT Newswires) -- US benchmark equity indexes ended lower on Wednesday as markets analyzed minutes from the Federal Reserve's May monetary policy meeting and awaited Nvidia's ( NVDA ) latest financial results.

Chipmaking giant Nvidia ( NVDA ) is scheduled to post its latest quarterly results after the closing bell Wednesday, along with Salesforce ( CRM ) , Synopsys ( SNPS ) , HP (HPQ) and other companies.

* The Federal Open Market Committee can wait for more clarity on the progression of the economy before making changes to policy, minutes of the May 6-7 FOMC meeting released Wednesday showed.

"In considering the outlook for monetary policy, participants agreed that with economic growth and the labor market still solid and current monetary policy moderately restrictive, the Committee was well positioned to wait for more clarity on the outlooks for inflation and economic activity," the minutes showed.

* 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.

* July West Texas Intermediate crude oil closed up $0.63 to settle at $61.52 per barrel, while July Brent crude, the global benchmark, was last seen up $0.48 to $64.57.

* Abercrombie & Fitch ( ANF ) shares were up 15% after the apparel retailer's fiscal Q1 results came in higher than expected, while it raised the top end of its full-year sales guidance.

* Okta ( OKTA ) shares were down 16%. The cloud-based access management platform late Tuesday reiterated its full-year revenue outlook and flagged potential risks related to an uncertain economic environment.