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Indexes down: Dow 0.24%, S&P 500 0.18%, Nasdaq 0.06%

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Capri Holdings ( CPRI ) rises on fourth-quarter revenue beat

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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

(Updates with afternoon trading levels)

By Shashwat Chauhan and Kanchana Chakravarty

May 28 (Reuters) - Wall Street's main indexes fell

slightly on Wednesday, after a sharp rally in the previous

session sparked by easing trade tensions, as investors awaited

AI bellwether Nvidia's ( NVDA ) results and minutes from the U.S. Federal

Reserve's last policy meeting.

Nvidia ( NVDA ) is expected to report a 66.2% surge in

first-quarter revenue, according to data compiled by LSEG.

Shares of the chipmaker slipped 0.2% ahead of its earnings, due

to be released after markets close.

"How AI demand plays out has far-reaching implications for

the U.S. market as we head into June, and many will be waiting

to see today's report before doubling into the May bounceback in

risk," said Bob Savage, head of markets macro strategy at BNY.

Traders in the options markets are bracing for industry-wide

volatility, with defensive options contracts drawing heavy

attention for the VanEck Semiconductor ETF, the largest

semiconductor ETF.

At 11:22 a.m. ET, the Dow Jones Industrial Average

fell 102.80 points, or 0.24%, to 42,240.85, the S&P 500

lost 10.95 points, or 0.18%, to 5,910.59, and the Nasdaq

Composite lost 10.66 points, or 0.06%, to 19,187.97.

Most megacap and growth stocks shed initial gains and were

mostly flat. Meta Platforms ( META ) outperformed with a 0.5%

rise.

Ten of the 11 major S&P 500 sub-sectors fell, with energy

and utilities being the biggest laggards.

Dow component Salesforce ( CRM ) was down 0.7% and is also

scheduled to report earnings after the bell.

All three main Wall Street indexes soared in the last

session after U.S. President Donald Trump backed down over the

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

European Union.

The S&P 500 is now about 4% off its record closing high,

reached on February 19, falling 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.

Minutes from the U.S. Federal Reserve's last policy meeting,

when the central bank held borrowing costs steady, are slated

for release at 2 p.m. ET.

Yields on long-dated U.S. government bonds were slightly

higher after scaling multi-month highs last week. Global bond

markets have been in the spotlight over concerns about fiscal

sustainability in major economies including the United States

and Japan.

In earnings, Michael Kors-owner Capri Holdings

advanced 4.8% after its fourth-quarter revenue beat analyst

estimates.

Shares of sportswear retailer Dick's Sporting Goods

gained 1.2% after its first-quarter results beat estimates.

Cybersecurity firm Okta ( OKTA ) flagged risks related to

the uncertain economic environment but stuck to its full-year

outlook. Its shares dropped nearly 14%.

Declining issues outnumbered advancers by a 2.72-to-1 ratio

on the NYSE and by a 1.91-to-1 ratio on the Nasdaq.

The S&P 500 posted 21 new 52-week highs and no new lows,

while the Nasdaq Composite recorded 51 new highs and 49 new

lows.