*

Nvidia ( NVDA ) shares up 5% after hours; co reports quarterly

results

*

Dick's Sporting Goods end up after first-quarter results

beat

*

Indexes: Dow down 0.6%, S&P 500 down 0.6%, Nasdaq down

0.5%

(Updates with Nvidia ( NVDA ) shares up after the close)

By Caroline Valetkevitch

NEW YORK, May 28 (Reuters) -

U.S. stock indexes closed lower on Wednesday as investors

digested minutes from the last Federal Reserve meeting and

shares of chip designers fell in late trading.

After the closing bell, shares of Nvidia ( NVDA ) rose

5% as the artificial intelligence leader

reported

quarterly sales that beat analyst expectations. However,

the chipmaker forecast second-quarter revenue below estimates.

Nvidia ( NVDA ) shares had ended the regular session down 0.5%.

Late in regular trading, shares of Cadence Design

Systems ( CDNS ) and Synopsys ( SNPS ) dropped after the

Financial Times reported that President Donald Trump's

administration has ordered U.S. firms that offer software used

to design semiconductors to stop selling their services to

Chinese groups. The FT report cited people familiar with the

move.

Cadence ended down 10.7%.

According to the minutes of the Fed's May 6-7 session,

U.S. central bank officials acknowledged they could face

"difficult tradeoffs" in coming months in the form of rising

inflation alongside rising unemployment.

"The Fed minutes really didn't reveal anything new," said

Peter Cardillo, chief market economist at Spartan Capital

Securities in New York. "They basically indicate the Fed is in a

wait-and-see mode and staying the line, trying to get more

clarifications on trade."

On Tuesday, stocks rose sharply after Trump

backed down over the weekend from his threat of 50% tariffs

on imports from the European Union.

On Wednesday, the Dow Jones Industrial Average fell

244.95 points, or 0.58%, to 42,098.70, the S&P 500 lost

32.99 points, or 0.56%, to 5,888.55 and the Nasdaq Composite

lost 98.23 points, or 0.51%, to 19,100.94.

Also rising after the bell were shares of Broadcom ( AVGO )

, up 3.2%, and Advanced Micro Devices ( AMD ), up 1.5%.

The S&P 500 is up 0.1% for the year to date but remains

down from its record closing high, reached on February 19. It

fell as much as 18.9% below that level in the wake of Trump's

erratic tariff announcements that have whipsawed markets for

much of his second term.

A poll of strategists and analysts conducted by Reuters

showed that many market participants expected the benchmark

index to finish the year near current levels.

Shares of sportswear retailer Dick's Sporting Goods

ended up 1.7% after its first-quarter results beat estimates.

Declining issues outnumbered advancers by a 2.79-to-1 ratio

on the NYSE. There were 103 new highs and 34 new lows on the

NYSE.

On the Nasdaq, 1,448 stocks rose and 2,960 fell as declining

issues outnumbered advancers by a 2.04-to-1 ratio.

Volume on U.S. exchanges was 15.60 billion shares,

compared with the 17.7 billion average for the full session over

the last 20 trading days.