Benchmarks for U.S. equities were mixed in choppy trading while government bonds rose after midday Wednesday.

Traders will be looking for clues on the pace of interest rate increases this year after the Federal Open Market Committee releases the minutes of its May policy meeting at 2 p.m.

The Dow Jones Industrial Average slipped 0.2% to 31,861.5 after rising earlier. The S&P 500 climbed 0.1% to 3,944.2, and the Nasdaq Composite rose 0.4% to 11,312.8.

All sectors were in the red except consumer discretionary and energy.

The US 10-year yield was unchanged at 2.76%, recovering from intraday declines.

In economic news, new orders for durable goods in the United States rose 0.4% in April after a downwardly revised increase of 0.6%, below expectations for a 0.6% gain. in a survey compiled by Bloomberg.

Mortgage applications fell last week as interest rates remained high despite a second week in a row, the Mortgage Bankers Association said on Wednesday. The composite market index, which measures loan applications, fell 1.2% for the week ended May 20 on a seasonally adjusted basis. The Refinance Index fell 4% from a week ago and is down 75% year-on-year.

West Texas Intermediate crude oil futures rose $0.33 to $109.81 a barrel.

Excluding Strategic Petroleum Reserve inventories, U.S. commercial crude oil inventories fell 1 million barrels in the week ended May 20 after a 3.4 million barrel decline reported the previous week and compared to a drop of 2.1 million barrels expected in a survey compiled by Bloomberg.

In company news, Intuit (INTU) reported an increase in adjusted earnings per share and revenue for the fiscal third quarter compared to a year ago. The company also raised its forecast for fiscal 2022 for sales and earnings. The shares jumped 7.7% during the day, among the best performers in the S&P 500 and the Nasdaq.

Gold was down 1.2% at $1,844 per troy ounce, and silver was down 0.9% at $21.88 per ounce. Among energy ETFs, the United States Oil Fund rose 0.1% to $82.04 and the United States Natural Gas Fund rose 3.5% to $31.17.

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