Here's what happened to the stock market on Wednesday


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RBC's Lori Calvasina says stocks could see major headwinds this fall

Dow Jones Industrial Average falls 85 points

The Dow fell 85.19 points, or 0.3%, to 27,692.88. The S&P 500 dipped 0.4% to end the day at 3374.85. The Nasdaq Composite fell 0.6% to 11,146.46. The S&P 500 hit an intraday record before a grim outlook on the economy from the Fed knocked the broader market index off that level.

Fed minutes

In the minutes from its July meeting, the Fed said "the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term." That remark put a lid on the market's enthusiasm over Apple reaching a market cap of $2 trillion for the first time.

Apple enters $2 trillion market cap club

Apple rose 0.1% and briefly saw its market cap reach $2 trillion. In 2020 alone, Apple has surged nearly 60% and was one of the stocks leading the market off its coronavirus lows. Amazon and Netflix, however, fell more than 1% each. 

What happens next?

Weekly jobless claims numbers are set for release Thursday.

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