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Nvidia ( NVDA ), Salesforce ( CRM ) results due after the bell

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

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Indexes: Dow down 0.3%, S&P 500 down 0.1%, Nasdaq up 0.1%

(Updates to after Fed minutes)

By Caroline Valetkevitch

NEW YORK, May 28 (Reuters) -

U.S. stock indexes were narrowly mixed on Wednesday

afternoon as investors digested minutes from the last Federal

Reserve meeting and awaited results from AI bellwether Nvidia ( NVDA ).

Shares of Nvidia ( NVDA ) were up 0.9% ahead of its report,

due after the closing bell. Analysts expect the chipmaker to

report a jump in first-quarter revenue, according to LSEG data.

The Nasdaq was slightly positive while the S&P 500 and

Dow were down.

"The market is spinning its wheels today," said Peter

Cardillo, chief market economist at Spartan Capital Securities

in New York.

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

said. "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.

Besides Nvidia ( NVDA ), Salesforce ( CRM ) results are due after

the closing bell. Its shares were last down 0.8%.

With Nvidia ( NVDA ) results ahead, traders in the 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 110.02

points, or 0.26%, to 42,233.63. The S&P 500 lost 7.39

points, or 0.12%, to 5,914.15 and the Nasdaq Composite

gained 10.40 points, or 0.05%, to 19,209.56.

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 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 1.9% after its first-quarter results beat estimates.

Declining issues outnumbered advancers by a 2.3-to-1 ratio

on the NYSE. There were 86 new highs and 23 new lows on the

NYSE.

On the Nasdaq, 1,651 stocks rose and 2,703 fell as

declining issues outnumbered advancers by a 1.64-to-1 ratio.

(Additonal reporting by Shashwat Chauhan and Kanchana

Chakravarty in Bengaluru; Editing by Pooja Desai and David

Gregorio)