04:53 PM EDT, 08/20/2025 (MT Newswires) -- US equity indexes were mixed at the close on Wednesday, with the Nasdaq Composite and the S&P 500 off session lows after the release of the Federal Reserve's July meeting minutes revealed divisions among policymakers.

The Nasdaq Composite declined 0.7% to 21,172.86, and the S&P 500 fell 0.2% to 6,395.78. The Dow Jones Industrial Average rose less than 0.1% to 44,938.31. Classic growth sectors such as technology, consumer discretionary, and communication services led the decliners. Energy, a value play, was the top gainer.

The minutes of the July 29-30 Federal Open Market Committee meeting revealed divisions among those who see inflation as the greater concern and those who see risks of higher unemployment. The FOMC left its benchmark lending rate unchanged at 4.25% to 4.50% for a fifth time at the July meeting, though Governors Christopher Waller and Michelle Bowman preferred a 0.25% cut.

"Participants generally pointed to risks to both sides of the committee's dual mandate, emphasizing upside risk to inflation and downside risk to employment," the meeting minutes showed Wednesday. "A majority of participants judged the upside risk to inflation as the greater of these two risks, while several participants viewed the two risks as roughly balanced, and a couple of participants considered downside risk to employment the more salient risk."

Most US Treasury yields remained lower following the release of the minutes. The 10-year yield fell 1.5 basis points to 4.29% and the two-year rate slipped one basis point to 3.74%.

Index heavyweights Amazon ( AMZN ) and Apple ( AAPL ) were among the worst performers on the Dow. All seven Mag-7 stocks were in the red at the close.

A note from the MIT Media Lab's Project NANDA concluded that 95% of organizations are seeing no business return despite spending $30 billion to $40 billion on generative AI, according to a report from Virtualization & Cloud Review. "Just 5% of integrated AI pilots are extracting millions in value, while the vast majority remain stuck with no measurable P&L impact."

"The Magnificent Seven stocks are no longer trading like a homogeneous group," Alliance Bernstein said in a note. "Performance patterns have shifted amid closer scrutiny of their capital-spending strategies and exposure to global supply chains."

In earnings news, brokerage Truist Securities said Target ( TGT ) remains challenged amid the promotion of its chief operating officer to the role of chief executive. "While 2Q sales were a touch better than initially expected and earnings came in line with the bar that was reset last [quarter], it is hard to envision a turnaround for the co any time soon."

Shares of Target ( TGT ) slumped 6.3%, the second-steepest decliner on the S&P 500.

Another bulge-bracket retailer, Lowe's (LOW), reported higher fiscal Q2 adjusted earnings and net sales, and increased its full-year sales outlook.

In geopolitical news, diplomatic efforts to reach a deal to end Russia's war on Ukraine continued.

"Intense talks about ending hostilities, however elusive, raised the spectre of Russia re-entering the international [energy] market," PVM Oil Associates said in a note. "That was until overnight, as Russia, based on comments from its foreign minister, appears less than enthusiastic about a meeting with the Ukrainian leader, a prerequisite for any potential peace."

West Texas Intermediate crude oil futures rose 1.3% to $63.14 a barrel.

Gold futures advanced 0.9% to $3,389.2 per ounce, and silver futures jumped 1.3% to $37.81.

White House press secretary Karoline Leavitt confirmed to reporters that the Trump administration is working with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky to facilitate a bilateral meeting, CNN reported.