After hovering near flat levels for much of the session, major U.S. equities indexes fell Wednesday afternoon as the Federal Reserve released the minutes from its latest rate-setting meeting. The minutes showed Fed officials expressing concerns about the persistence of inflation, raising doubts about the timing of potential interest rate cuts.

The S&P 500 ended the day 0.3% lower. The Dow fell 0.5%, while the Nasdaq was down 0.2%.

Target (TGT) pointed to the impact of stubborn and lower discretionary spending trends when it reported a year-over-year drop in quarterly revenue, and its shares sank 8.0%, marking Wednesday’s widest losses in the S&P 500. Although Target highlighted growth in its digital business, comparable store sales were down versus last year, and its current-quarter and full-year profit guidance came in below expectations.

Lululemon Athletica (LULU) shares lost 7.2% after the athletic apparel retailer announced changes to its product development team. Chief Product Officer Sun Choe is set to leave the company later in May. Meanwhile, an analyst at Jefferies downgraded Lululemon stock to “underperform,” citing challenges from shifting customer tastes, heavy competition, and consumer spending restraint.

Copper prices moved lower as traders and investors took profits following a rally that pushed the commodity to an all-time high earlier this week. Shares of major copper producer Freeport-McMoRan (FCX) fell 5.7% as the price of the metal retreated.

Shares of fitness and navigation device maker Garmin (GRMN) slipped 5.1% after BofA Securities downgraded the stock to “underperform” and trimmed its price target. The analyst cited the stock’s high valuation and concerns that Garmin might not be able to sustain its positive momentum.

First Solar (FSLR) shares posted the strongest gains of any S&P 500 stock for the second straight day on Wednesday, soaring 18.7%. Analysts at Piper Sandler and UBS lifted their price targets on the solar panel maker’s stock this week, noting First Solar is positioned to capitalize on solar industry tailwinds. Demand for energy to power artificial intelligence (AI) applications could be part of the growth story, analysts suggested.

Shares of Moderna (MRNA) shares jumped 13.7% following reports that a child in Australia has tested positive for avian influenza–the first human case of bird flu recorded in the country. Moderna currently has a vaccine in Phase 2 trials that protects against diseases in the same evolutionary family as the bird flu, and the biotech firm believes it can easily adapt this vaccine to target new mutations. Moderna has also sparked optimism through its AI initiatives, announcing last month that it was expanding its collaboration with OpenAI.

Analog Devices (ADI) shares popped 10.9% to reach an all-time high after the chipmaker reported better-than-expected sales and profits for its fiscal second quarter and topped forecasts with its current-quarter guidance. The maker of radio frequency, power management, and sensor semiconductors expects inventory rationalization among its existing customers and increased new orders to drive a cyclical recovery.

Shares of Enphase Energy (ENPH) added 8.7% after the energy technology firm said it entered the solar market in Finland, launching its IQ8 Microinverters in the country. The move marks Enphase’s latest initiative to improve its footprint in the growing European solar market following a partnership it announced last month with U.K.-based Octopus Energy Group.