Dow, S&P 500, Nasdaq slipped as Wall Street braced for Nvidia's earnings

US stocks moved lower Wednesday as investors cautiously counted down to Nvidia's earnings report, seen as a crucial test of hopes for Big Tech amid tariff uncertainty.

The Dow Jones Industrial Average fell around 0.6%, or around 250 points, on the heels of Tuesday's tariff reprieve-driven rebound. The S&P 500 declined 0.5%, while the tech-heavy Nasdaq Composite ticked lower by 0.5%.

After the bell on Wednesday, Nvidia reported better-than-expected first quarter revenue while adding it expects an additional $8 billion charge on losses tied to its H20 chip in the second quarter. Its stock rose in after-hours trading.

On the economic front, minutes from the Federal Reserve's meeting earlier in May revealed officials acknowledged they could face "difficult tradeoffs" as tariffs potentially threaten their dual mandates for price stability and maximum employment.

In trade news, nations are now racing to cut deals with the Trump administration to avoid the planned US tariff hikes, with India reportedly the latest to offer to lower its own tariffs on some American products. Meanwhile, President Trump rejected an emerging notion on Wall Street that he is "chickening out" with his on-again, off-again tariff moves.