The Dow Jones Industrial Average dipped 382.59 points, or 1.08 percent, to 34,960.69. The S&P 500 decreased 47.81 points, or 1.07 percent, to 4,400.27. The Nasdaq Composite Index slid 130.27 points, or 0.89 percent, to 14,525.91.
Ten of the 11 primary S&P 500 sectors ended in red, with energy down 2.4 percent, leading the laggards. Consumer discretionary rose 0.15 percent, the lone gaining group.
U.S.-listed Chinese companies traded mostly higher with seven of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.
The Fed published the minutes of its July meeting on Wednesday afternoon and traders looked for clues about when the U.S. central bank will begin tapering their monthly purchases of treasury and mortgage securities.
"Looking ahead, most participants noted that, provided that the economy were to evolve broadly as they anticipated, they judged that it could be appropriate to start reducing the pace of asset purchases this year," the minutes said.
The minutes also revealed that several other Fed officials indicated that a reduction in the pace of asset purchases was more likely to become appropriate early next year.
The Fed has pledged to keep its benchmark interest rate unchanged at the record-low level of near zero, while continuing its asset purchase program at least at the current pace of 120 billion U.S. dollars per month until "substantial further progress" has been made on employment and inflation.
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