US stocks end down as Fed minutes get digested
U.S. stock indexes closed lower on Wednesday as investors digested minutes from the last Federal Reserve meeting and awaited results from AI bellwether Nvidia.
Nvidia's report is due after the closing bell. Analysts expect the chipmaker to report a jump in first-quarter revenue, according to LSEG data.
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"The market is spinning its wheels today," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. Losses mounted, however, ahead of the closing bell.
"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.
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Besides Nvidia, Salesforce results are due after the closing bell.
Traders in options markets were bracing for industry-wide volatility, with defensive options contracts drawing heavy attention for the VanEck
Semiconductor ETF
, the largest semiconductor ETF.
According to preliminary data, the S&P 500 lost 31.59 points, or 0.53%, to end at 5,889.95 points, while the
Nasdaq Composite
lost 91.27 points, or 0.47%, to 19,107.89. The
Dow Jones Industrial Average
fell 237.24 points, or 0.56%, to 42,106.41.
Shares of Cadence Design Systems and Synopsys were down sharply after the Financial Times reported that the Trump administration has ordered U.S. firms that offer software used to design semiconductors to stop selling their services to Chinese groups. The FT report cited people familiar with the move.
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 after its first-quarter results beat estimates.
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Mint
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- Mint
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The reimposition of Trump-era tariffs has reignited global trade uncertainty, posing fresh challenges for the general industrials sector—home to firms that manufacture and assemble advanced machinery, digital systems, and automated equipment. Initially hit by disrupted supply chains and rising input costs, these companies have been quick to adapt. To counter the pressure, players in this space have ramped up investments in automation, digitization, and supply chain diversification—moves that are gradually mitigating tariff-induced strain. Market metrics reflect this resilience: firms in the sector average a market cap of ₹7,807 crore, a P/E ratio around 55, and an ROE exceeding 20%. Looking ahead, the sector shows moderate bullishness, buoyed by tech-driven efficiency and evolving global trade realignments. With continued focus on automation, R&D, and supply chain flexibility, General Industrials is poised for steady, long-term growth. Also read: This textile star's rally masks a margin meltdown. Should investors be worried? Sector dynamics Cost Savings and price stabilisation Challenges: Demand revival, pricing trends, and growth prospects Based on the above pointers I have selected the following stocks: Shaily Engineering Plastics Ltd CMP: ₹2,016.20 | Target: ₹2,250–2,350 | Stop Loss: ₹1,850 | Time Horizon: 1 Month The stock presents a positive setup and can be considered for long positions at current levels or on dips towards ₹1,900, with a stop loss below ₹1,850. Upside potential lies in the ₹2,250–2,350 range over the next month. Elgi Equipments CMP: ₹535.20 | Target: ₹615 | Stop Loss: ₹490 | Time Horizon: 1 Month The technical setup indicates potential for a near-term rally. Long positions may be considered above current levels and on dips toward ₹505, with a stop loss below ₹490. The stock could test levels of ₹615 over the next month. Shaily Engineering Plastics Ltd Shaily Engineering Plastics Ltd is adapting well to the evolving General Industrials landscape by focusing on supply chain partnerships, collaborative innovation, and operational efficiency. With global trade uncertainties, including the reimposed 26% Trump-era tariffs on Indian exports, the company is prioritizing agility and premium product strategies to manage rising costs and sustain global competitiveness. These efforts are reflected in its strong Q4 FY25 results. Shaily reported a 27.7% year-on-year rise in total income to ₹217.83 crore, with operating profit up 75.7% at ₹43.39 crore. Net profit grew 47.9% to ₹28.59 crore, while EPS improved to ₹6.20. The performance highlights the company's resilience and effective execution amid external pressures. Source: TradingView Shaily Engineering Plastics has held firm through the choppy trends of the past five months, forming higher lows with strong volume support despite persistent market volatility. The stock found solid support near the ₹1,400 level while facing stiff resistance around ₹1,950. This wide consolidation created large swing-based moves, but as broader market sentiment began to improve in late April 2025, the stock staged a notable recovery, drawing increased interest from retail investors. Also read: Strong domestic demand, firm steel prices to keep SAIL in focus Recent momentum in the industrials sector has further fueled participation, with steady volumes helping the stock break past its key resistance zone. The breakout, marked by a strong bullish candle, suggests renewed strength and upside potential. With positive technical cues, traders may consider going long above the current market price or on dips toward ₹1,900, with a stop-loss below ₹1,850. The stock could potentially rally to the ₹2,250– ₹2,350 range over the next month. 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Time of India
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