Stock market today: Stocks close lower after Fed minutes with Nvidia earnings on deck | May 22, 2024

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US stocks slipped from record highs on Wednesday as investors waited for AI bellwether Nvidia's (NVDA) pivotal earnings and digested minutes from the Federal Reserve's May meeting that revealed some officials were willing to hike rates if necessary.

The S&P 500 (^GSPC) slid about 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) slipped around 0.2%. The Dow Jones Industrial Average (^DJI) fell roughly 0.5%.

Investors were also greeted with the minutes from the Federal Reserve's May meeting on Wednesday. Markets took a notable leg lower as the minutes revealed "various" Fed officials mentioned a "willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate."

After the close, Nvidia reported first quarter earnings that topped Wall Street estimates. The company also announced a ten-for-one stock split set to take effect June 7. It also announced plans to raise its dividend from $0.04 per share to $0.10.

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