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Key Takeaways

• U.S. equities fell at midday ahead of the release of the minutes of the latest Fed meeting and Nvidia's earnings news.

• Homebuilder stocks sank as mortgage rates jumped to their highest level since January.

• Vail Resorts replaced CEO Kirsten Lynch with former CEO Rob Katz.

U.S. equities were lower at midday as the market awaited the release of the latest Federal Reserve minutes and the much-anticipated after-the-bell earnings report from Nvidia (NVDA). The Dow Jones Industrial Average, S&P 500, and Nasdaq all declined.

Shares of D.R. Horton (DHI), Pulte Group (PHM), and Lennar (LEN) were among the worst-performing stocks in the S&P 500 as a new report showed mortgage rates shot up to their highest level since January.

Shares of Okta (OKTA) sank after the identification software provider said that because of an uncertain economic environment, it wasn't raising its full-year guidance despite a strong first quarter.

GameStop (GME) shares plunged when the video game retailer spent more than half a billion dollars to purchase 4,710 bitcoin.

Abercrombie & Fitch (ANF) shares skyrocketed after the fashion clothing retailer posted better-than-expected profit, sales, and revenue guidance, boosted by demand for its Hollister brand.

Shares of Vail Resorts (MTN) took off when the ski lodge operator replaced CEO Kirsten Lynch with former CEO Rob Katz.

Warner Bros. Discovery (WBD) shares gained on word CNN COO David Leavy would be leaving the network and returning to the parent company. Leavy had previously held the position of Chief Corporate Affairs Officer at WBD.

Oil futures rose. Gold prices fell. The yield on the 10-year Treasury note increased. The U.S. dollar was up versus the euro, pound, and yen. Most major cryptocurrencies traded in the red. 

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