US open: Stocks slide before Fed's meeting minutes
US stocks slid ahead of the release of the Federal Reserve's meeting minutes.
The Federal Reserve will also release minutes from its July meeting, potentially offering clues on its first interest rate rise.
In July, the Fed announced it would cut a further $10bn off monthly bond purchases and maintain interest rates at 0.25%. The US central bank has indicated that it sees no immediate need to lift rates, saying that the labour market still has room to grow.
The annual Fed Bank of Kansas City's economic symposium will begin on Thursday in Jackson Hole, Wyoming. Fed Chair Janet Yellen and European Central Bank President Mario Draghi will discuss their economic outlook and monetary policy.
"While I don't think that we'll see a rate hike until the end of the first quarter of next year, at the earliest, given Chairwoman Janet Yellen's very dovish stance, and the similar stance of most of the committee, two or three votes in favour of raising rates could cause quite a stir in the markets," said Alpari UK analyst Craig Erlam.
In corporate news, Apple declined after reaching a record close on Tuesday evening. The stock finished at $100.53, ahead of the previous closing record set in September 2012, on the back of optimism surrounding the gadget giant's upcoming new products.
Home-improvement retailer Lowe's was in the red despite beating analysts' forecasts with its second-quarter profits, as the company cut its revenue guidance for the full year.
West Texas Intermediate futures rose 0.57% to $93.39 per barrel, according to the ICE.
The 10-year yield climbed two basis points to 2.42%.
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