The Federal Reserve minutes of the May meeting gave investors a pretty clear roadmap for the summer. The minutes, out Wednesday afternoon, painted a picture of an FOMC strongly focused on inflation, with rate hikes of 50 basis points in the June and July meetings. But some members also indicated that price pressures may not be getting worse. There are already signs that the U.S. economy is weakening. Of the last 19 major economic indicators, 13 have missed economists' expectations. The question is whether that will bring about a Fed pause, which stock bulls are hoping for, or will it stiffen the central bank's resolve.

Nvidia shares dropped sharply in extended trading after the chipmaker reported strong first-quarter results but issued weak guidance for the upcoming quarter.  However, the company said it expects second-quarter sales to be $8.1B, well below analyst estimates. Nvidia attributed the shortfall to roughly a $500M decline due to Russia's invasion of Ukraine and COVID-related lockdowns in China.

Apple is boosting pay for workers amid rising inflation, a tight labor market and unionization pushes among hourly store employees. The iPhone maker on Wednesday told employees in an email that the company is increasing its overall compensation budget. Starting pay for hourly workers in the U.S. will rise to $22 an hour, or higher based upon the market, a 45% increase from 2018.