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Here’s what happened to the stock market on Wednesday

The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City.

Spencer Platt | Getty Images

Dow Jones Industrial Average falls 85 points

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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