U.S. stock indexes closed lower on Wednesday, with the Dow Jones Industrial Average falling 244.95 points, or 0.58%, to 42,098.70, the S&P 500 declining 32.99 points, or 0.56%, to 5,888.55, and the Nasdaq Composite dropping 98.23 points, or 0.51%, to 19,100.94. The S&P 500 is up 0.1% year to date. The decline followed the release of minutes from the Federal Reserve's May meeting, which indicated officials could face challenging trade-offs in the coming months as they balance inflation and unemployment. Investors interpreted the minutes as a sign that the Fed remains in a wait-and-see mode. Market participants were also awaiting first-quarter earnings results from Nvidia. Nvidia shares ended the regular session down 0.5%, but rose 5% in after-hours trading after reporting quarterly sales that beat analyst expectations, though its forecast for second-quarter revenue came in below estimates. Shares of other chip designers, including Cadence Design Systems and Synopsys, fell late in the session following reports that the Trump administration ordered U.S. firms to halt sales of semiconductor design software to Chinese groups. Cadence ended the day down 10.7%. After the bell, Broadcom shares rose 3.2% and Advanced Micro Devices gained 1.5%. Dick's Sporting Goods shares rose 1.7% after first-quarter results beat estimates. On the NYSE, declining issues outnumbered advancers by a 2.79-to-1 ratio, while on the Nasdaq, 1,448 stocks rose and 2,960 fell. Trading volume on U.S. exchanges was 15.60 billion shares, below the 20-day average.