US stocks fall ahead of Fed minutes as investors' unease over the economy increases

• The S&P 500 and the Nasdaq Composite headed toward a second straight loss on Wednesday.
• The Federal Reserve will release minutes from its most recent policy meeting.

US stocks fell Wednesday, with investors waiting for further insight into the Federal Reserve's thinking about economic growth and inflation from its upcoming meeting minutes.

The S&P 500 and the Nasdaq Composite were looking at second straight losses after Tuesday's sell-off spurred by a profit shortfall and macroeconomic warning from social media platform Snap. The Dow Jones Industrial Average was on course to halt a win streak at three sessions.

Stocks have been selling off on increasing signs of a slowdown in economic activity and investors are concerned the fast pace of big interest rate increases by the Federal Reserve as it combats inflation will tip the economy into a recession. US bond yields fell Wednesday as investors bought into the perceived safety of government debt. The Fed will release minutes from its most recent meeting at 2 p.m. Eastern.

Here's where US indexes stood at 9:30 a.m. on Wednesday:

• S&P 500: 3,929.31, down 0.31%
• Dow Jones Industrial Average: 31,807.26, down 0.38% (121.36 points)
• Nasdaq Composite: 11,239.67, down 0.24%

"The uncomfortable reality is that central banks are going to be forced to continue the tightening path, even as growth slows around the world because inflation has proven sticky and not transitory. That is the least worst choice central banks need to make in a stagflation ary environment," wrote Jeffrey Halley, senior market analyst, at Oanda, in a note.

The Fed's preferred inflation gauge, the PCE, is set to be released on Friday. Headline consumer price inflation was 8.3% in April.

Around the markets, Russia moves towards default as the US Treasury ends a key bond payment exemption.

JPMorgan sees bitcoin rising by nearly 30% and says cryptocurrencies are now its preferred alternative asset.

Oil prices rose. West Texas Intermediate crude picked up 1.4% to $111.25 per barrel. Brent crude, the international benchmark, climbed 1.2% to $111.96.

Gold gained 1.3% to $1,839.40 per ounce. The 10-year yield fell 3 basis points to 2.73%.

Bitcoin rose 0.5% to $29,560.94.