*

Nvidia ( NVDA ) results due after the bell

*

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

*

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

0.5%

(Updates close with share moves)

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.

Investors also awaited results from Nvidia ( NVDA ), due

after the closing bell. Nvidia ( NVDA ) shares ended down 0.5%.

Shares of Cadence Design Systems ( CDNS ) and Synopsys ( SNPS )

fell in late trading

after the Financial Times

reported that the Trump 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.

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."

U.S. President Donald Trump backed down over the weekend

from his threat of 50% tariffs on imports from the European

Union, driving stocks up sharply on Tuesday.

Traders in options markets were bracing for

industry-wide volatility, with defensive options contracts

drawing heavy attention for the VanEck Semiconductor ETF

, the largest semiconductor ETF.

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.

The S&P 500 is still 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

gained 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.

(Additonal reporting by Shashwat Chauhan and Kanchana

Chakravarty in Bengaluru; Editing by Pooja Desai and David

Gregorio)