U.S. stocks climb | Federal Reserve’s May meeting update | Hedge funds’ industrial stock picks

The three major indexes ended Wednesday's session with gains after the release of the Fed's meeting minutes.

VIEW IN BROWSER | SUBSCRIBE WED, MAY 25, 2022 EVENING BRIEF AS OF WED, MAY 25, 2022 • 05:06 ET DJIA 32120.28 +0.60% +191.66 S&P 500 3978.73 +0.95% +37.25 NASDAQ 11434.74 +1.51% +170.29 Most Active DOW NAME LAST CHG %CHG AAPL 140.52 +0.16 +0.11% MSFT 262.52 +2.90 +1.12% INTC 42.20 +0.53 +1.27% S&P 500 NAME LAST CHG %CHG AMD 92.65 +1.49 +1.63% AAPL 140.52 +0.16 +0.11% NVDA 169.75 +8.21 +5.08% NASDAQ NAME LAST CHG %CHG AMD 92.65 +1.49 +1.63% AAPL 140.52 +0.16 +0.11% NVDA 169.75 +8.21 +5.08% EDITOR'S NOTE U.S. stocks climbed on Wednesday. The averages ticked higher after the release of the Federal Reserve's May meeting minutes, which showed planned interest rate increases could go further than planned.   Investors had expected further hawkishness from the central bank due to commentary from Fed officials following the central bank's May 3-4 meeting. The meeting minutes seemed to be within investors' expectations, based on the markets' reaction. Bond yields also held relatively steady after the release.   While all three of the major averages gained, the Nasdaq Composite was a notable outperformer. The tech-heavy index jumped the day after it had posted steep losses. Retail also remained on investors' minds as they weighed positive quarterly results from Nordstrom and Dick's Sporting Goods. This set a different tone from last week, when shares of Walmart and Target suffered after weak earnings.   A report that bidders are still competing to acquire Kohl's helped boost market sentiment, and the company's shares jumped almost 12%.   Consumer discretionary and energy were the best performing sectors in the S&P 500, up 2.8% and nearly 2%, respectively. Tanaya Macheel | Markets and Investing Reporter @tanayamac Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks rise after Fed signals further rate hikes, Dow jumps nearly 200 points Details emerge in killing of 19 children, 2 teachers at Texas elementary school Fed minutes point to more rate hikes that go further than the market anticipates CBO boosts U.S. GDP growth estimates, says inflation has topped and will cool to 2% by 2024 Schumer says Democrats want to craft gun reforms with GOP after Texas school massacre These are the cheapest tech stocks today following the severe drawdown in the sector Hedge funds bought into these outperforming industrial stocks, including Lockheed Martin Ukraine warns of multi-year food crisis; Zelenskyy says situation in Donbas 'very difficult' Natural gas surges above $9, hits the highest since 2008 as inventories stay low Amazon CEO Andy Jassy says he's confident company can get high costs in check TOP VIDEO You'll probably see late-cycle and defensive stocks continue to outperform, says Richard Bernstein CNBC PRO Mark Mobius says the bear market still has a ways to go, keep cash on the sidelines SPECIAL REPORTS Here's the best way to use a health savings account, which offers a triple-tax advantage Capital gains may have triggered hundreds of billions more in individual taxes for 2021, analysis shows. How to trim your tax bill Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS