Stock market today: Stocks close lower after Fed minutes, ahead of Nvidia earnings

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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 blue-chip Dow Jones Industrial Average (^DJI) fell roughly 0.5%. After the close, Nvidia reported its highly anticipated first quarter earnings, which topped Wall Street estimates. The company also announced a 10-for-one stock split set to take effect June 7 and said it plans to raise its dividend from $0.04 per share to $0.10. Its stock rose more than 2% in after-hours trading. 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." Read more: How does the labor market affect inflation?