The major U.S. index futures are currently pointing to a slightly lower open on Wednesday, with stocks likely to give back ground after ending yesterday’s choppy trading day modestly higher.

Traders may look to cash in on recent strength in the markets ahead of the release of quarterly results from AI darling Nvidia (NASDAQ:NVDA).

Nvidia is scheduled to release its fiscal first quarter results after the close of today’s trading, with analysts expecting the company to report substantial earnings and revenue growth.

Nonetheless, traders may be reluctant to make significant moves ahead of the release of the minutes of the Federal Reserve’s latest monetary policy meeting this afternoon.

The minutes could have an impact on the outlook for interest rates following recent comments from some Fed officials suggesting rates may need to remain higher for longer than anticipated.

While the likelihood rates will be lower by September remains high, the chances have fallen to 67.0 percent from close to 90 percent last week, according to CME Group’s FedWatch Tool.

Following the mixed performance seen in Monday’s session, stocks showed a lack of direction throughout much of the trading day on Tuesday. Despite the choppy trading on the day, the S&P 500 and the Nasdaq reached new record closing highs.

The major averages spent the day bouncing back and forth across the unchanged but moved to the upside going into the close. The S&P 500 climbed 13.28 points or 0.3 percent to 5,321.41, the Nasdaq rose 37.75 points or 0.2 percent to 16,832.62 and the Dow edged up 66.22 points or 0.2 percent to 39,872.99.

The lackluster performance on Wall Street came as traders took a step back to assess the recent strength in the markets.

Renewed confidence the Federal Reserve will lower interest rates in the coming months has contributed to the advance, but recent comments from Fed officials have once again created some uncertainty.

Another quiet day on the U.S. economic front may also have kept some traders on the sidelines ahead of the release of the minutes of the Fed’s latest monetary policy meeting on Wednesday.

Among individual stocks, shares of Peloton Interactive (NASDAQ:PTON) moved sharply lower after the exercise equipment and media company announced a global refinancing that includes an offering of $275.0 million worth of convertible senior notes due 2029.

Auto parts retailer AutoZone (NYSE:AZO) has showed a notable move to the downside after report better than expected fiscal third quarter earnings but weaker than expected revenues.

On the other hand, shares of XPeng (NYSE:XPEV) surged after the Chinese electric vehicle maker reported fiscal first quarter results that beat analyst estimates on both the top and bottom lines.

Reflecting the lackluster performance by the broader markets, most of the major sectors ended the day showing only modest moves.

Airline stocks showed a significant move to the downside, however, with the NYSE Arca Airline Index falling by 1.8 percent.

Notable weakness was also visible among networking stocks, as reflected by the 1.2 percent loss posted by the NYSE Arca Networking Index.

The index pulled back off its best closing level in over three months amid a steep drop by Palo Alto Networks (NASDAQ:PANW), which came under pressure after the cybersecurity company forecast fiscal fourth quarter revenues and billings toward the low end of analyst estimates.

On the other hand, tobacco and banking stocks saw some strength on the day, driving the NYSE Arca Tobacco Index and the KBW Bank Index up by 1.3 percent and 1.1 percent, respectively.