The Dow Jones Industrial Average experienced a decline as the latest Federal Reserve minutes exposed ongoing concerns among central bankers regarding further monetary tightening. Additionally, Amazon.com (AMZN) stock slid after founder Jeff Bezos announced plans to sell millions of shares, and Nvidia (NVDA) shares dropped ahead of their earnings report.

According to the released Fed minutes, members of the Federal Reserve expressed worries about the persistence of inflation and the potential for it to rise further. This suggests that future interest rate hikes have not been ruled out, despite Wall Street's perception that central bankers have finished tightening. The minutes stated, "In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee's 2-percent objective over time."

Furthermore, the minutes did not provide any indication of when the Federal Reserve might start considering rate cuts. This aligns with Chairman Jerome Powell's previous statement that the Federal Open Market Committee is currently not contemplating any rate cuts.

Meanwhile, the U.S. Dollar Index briefly fell below its 200-day moving average on Tuesday, potentially signaling a significant level to monitor in the coming sessions.

LPL Financial chief economist Jeffrey Roach noted, "The committee seems to be in a 'wait and see' mode, willing to be patient as more data helps clarify the inflation trajectory." While Powell and other committee members are expected to maintain hawkish rhetoric, the market anticipates a rate cut by mid-2024.

In the world of stocks, the tech-heavy Nasdaq struggled the most among major indexes with a 0.6% drop. Sirius XM (SIRI) and chip maker Globalfoundries (GFS) were among the worst performers, with SIRI falling 5.6% and GFS losing 3.3%.

Small caps also took a hit as the hungry bears mauled the Russell 2000, which saw a 1.3% dive. Growth stocks were not spared either, with the Innovator IBD 50 ETF (FFTY) sliding 0.8%.

Despite the overall market decline, the Dow Jones Industrial Average fared relatively well with a modest dip of more than 63 points, or 0.2%.

Within the Dow, Microsoft (MSFT) witnessed a decline of 1.2%, making it one of the weakest performers in the index. However, the stock remains in a buy zone from a 366.78 entry. This news follows the departure of Sam Altman from OpenAI, with reports suggesting talks to rejoin the board of the artificial intelligence organization.

Chipmaker Intel (INTC) lagged the most on the Dow Jones, falling 2.5%. Although the stock experienced a decline, it remains extended at the moment.

In more positive news, insurance company Travelers (TRV) and telecommunication giant Verizon Communications (VZ) performed well on the Dow Jones, rising 1.7% and 1.4% respectively.

In terms of Amazon, the company's stock closed down 1.5% as Jeff Bezos sold nearly 1.7 million shares last week. Reports indicate that Bezos might be planning to sell between 8 million and 10 million shares, amounting to approximately $1 billion. Bezos has been using the proceeds to fund his philanthropic ventures and Blue Origin, his privately held space company.

The disappointing quarterly reports released by retailers Best Buy (BBY) and American Eagle Outfitters (AEO) may have also impacted Amazon's performance.

Nvidia (NVDA) shares declined 0.9% in anticipation of their earnings report. Nvidia reported an EPS of $4.02 with revenue of $18.12 billion, and the stock remained relatively stable after hours. MarketSmith analysis shows that Nvidia is trading at the top of its buy zone above a 476.09 entry, and it has delivered remarkable performance in 2023 with nearly 250% gains.

Outside of the Dow, several stocks are nearing breakout points. Braze (BRZE), Moody's (MCO), Golub Capital (GBDC), and Gen Digital (GEN) are all testing potential entry levels.

Braze is currently trading within a buy zone after clearing a consolidation pattern with an ideal entry point at 50.13. Moody's is also in a buy zone after surpassing a consolidation pattern entry of 363.19, while Golub Capital is in a buy zone following a flat base entry of 15.10. Gen Digital tested a cup base entry of 21.15 and closed just below the entry point. All of these stocks exhibit strong performance indicators and show promising potential.

The market is closely watching the implications of the Federal Reserve's concerns, the selling of Amazon shares by Jeff Bezos, and the forthcoming earnings report from Nvidia.