Stocks closed lower on Wednesday as a grim outlook on the economy from the Federal Reserve thwarted the enthusiasm around a record valuation for tech giant Apple.
The Dow Jones Industrials finished the day down 85.19 points to 27,692.88.
The S&P 500 shied away from an all-time, dropping 14.93 points at 3,374.85
The NASDAQ erased 64.38 points from Tuesday's all-time high, to finish at 11,146.46.
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." The Fed kept rates unchanged last month, noting the economy was still in need of monetary support.
Earlier in the day, the major averages rose as Apple became the first U.S. company to reach a market cap of $2 trillion. With that milestone, Apple officially doubled its valuation in just over two years.
In 2020 alone, Apple has surged nearly 60% and was one of the stocks leading the market off its coronavirus lows. The stock closed well off its highs, eking out a gain of just 0.1%
In corporate news, Target rose more than 12% after the retailer reported soaring profit and sales last quarter. Digital sales increased by 197% from a year ago. Lowe's shares gained 0.2% after the home improvement retailer reported a 30% surge in second-quarter revenue.
Coronavirus cases in the U.S. are trending lower, but officials are cautious as students begin returning to school and college campuses.
Some colleges have been forced to change to all online learning because of outbreaks.
Prices for the 10-Year Treasury lost ground, raising yields to 0.69% from Tuesday's 0.66%. Treasury prices and yields move in opposite directions
Oil prices faded seven cents at $42.82 U.S. a barrel.
Gold prices slid $66.70 to $1,946.40 U.S. an ounce.