01:38 PM EDT, 05/21/2024 (MT Newswires) -- US benchmark stock indexes were steady after midday on Tuesday as more Federal Reserve officials shared their views on the path ahead for interest rates and investors awaited Nvidia's ( NVDA ) quarterly earnings.

The Dow Jones Industrial Average at 39,811.2, the S&P 500 at 5,311.1, and the Nasdaq Composite at 16,798.7 were little changed. Utilities and technology led the gainers intraday, while industrials and materials were among the decliners.

Investors are refraining from placing big bets given that Nvidia's ( NVDA ) earnings are due Wednesday, according to a note from D. A. Davidson. S&P 500 is up 11% year to date, with Nvidia's ( NVDA ) 91% gain accounting for a quarter of the index's year-to-date jump, Deutsche Bank said in a note.

Fed officials raised concerns about the policy path before the release on Wednesday of the Federal Open Market Committee's minutes from its last meeting, the D.A. Davidson note said.

While there has been progress on inflation recently, including the softer-than-expected April inflation data, there needs to be more evidence of a slowdown before the FOMC can consider easing policy, Fed Governor Christopher Waller said Tuesday in prepared remarks to the Peterson Institute for International Economics.

"The latest [Consumer Price Index] data was a reassuring signal that inflation is not accelerating and data on spending and the labor market suggest to me that monetary policy is at an appropriate setting to put downward pressure on inflation," Waller said. "While the April inflation data represents progress, the amount of progress was small, reflected in the fact that I needed to report the monthly numbers to two decimal places to show progress."

Federal Reserve Bank of Cleveland President Loretta Mester Monday mentioned the possibility of raising rates if appropriate, but clarified that it is not the base case, Saxo Bank said in a note. She also indicated reasons to believe that the neutral rate may be higher than it used to be and expressed skepticism about a quick decrease in inflation, as per the note.

The US 10-year Treasury yield fell 2.9 basis points to 4.41%, and the two-year rate slipped 1.1 basis points to 4.83%.

In economic news, Redbook US same-store sales rose 5.5% from a year earlier in the week ended May 18 after a 6.3% jump in the previous week.

In company news, Keysight Technologies ( KEYS ) shares slumped 9.3%, the worst performer on the S&P 500, as the company's fiscal Q3 guidance fell short of market estimates.

AstraZeneca ( AZN ) shares were up 2.3% intraday, among the top performers on the Nasdaq, after the UK pharmaceutical giant said it is targeting total revenue of $80 billion by 2030, up from $45.8 billion in 2023, through portfolio expansion and the expected launch of 20 new medicines before the decade ends.

Palo Alto Networks ( PANW ) shares dropped 2.2% intraday, the third-worst performer on the Nasdaq, after the company narrowed its fiscal 2024 billings outlook.

West Texas Intermediate crude oil fell 1.1% to $78.91 a barrel.

Gold was down 0.5% to $2,427.21 an ounce after hitting a new record high on Monday. Silver was down 1% to $32.08.