Stocks fell Wednesday as traders parsed through a summary of the Federal Reserve's most recent meeting, looking for clues on the central bank's next move against inflation.
The Dow Jones Industrials shed initial gains and finished in the red 83.26 points to 33,046.33,
The S&P 500 slid once again, this time, 6.29 points, to 3,991.05.
The NASDAQ Composite edged up 14.77 points to 11,507.07.
Shares of Palo Alto Networks popped 12% after the cybersecurity company lifted its earnings forecast for the year. Crypto exchange platform Coinbase topped revenue expectations, but shares fell 4%.
Shares of Intel retreated more than 2% on Wednesday after the struggling chipmaker slashed its dividend.
The minutes showed inflation remained “well above” the Fed's 2% target, adding that the labour market is still “very tight, contributing to continuing upward pressures on wages and prices.”
Fed officials also noted that “inflation data received over the past three months showed a welcome reduction in the monthly pace of price increases but stressed that substantially more evidence of progress across a broader range of prices would be required to be confident that inflation was on a sustained downward path,” the minutes said.
Prices for the 10-year Treasury gained, lowering yields to 3.92% from Tuesday's 3.96%. Treasury prices and yields move in opposite directions.
Oil prices demurred $2.45 to $73.91 U.S. a barrel.
Gold prices swooned $9.40 to $1,833.10 U.S. an ounce.