Wall Street receded from record high levels on Wednesday, spooked by worries that the Delta coronavirus variant could blunt the US economy's recovery and on uncertainty about when the Federal Reserve may pull back its accommodative policies.
Apple and Facebook both fell more than one per cent after helping push the Nasdaq to record highs in the previous session.
The dips in those two Silicon Valley companies contributed more than any other companies to the S&P 500's decline for the session.
Investors have become more cautious following Friday's weak August payrolls data.
Pressures from rising costs, despite the economy slowing, have increased concerns that the Fed could move sooner than expected to scale back massive monetary measures enacted last year to shield the economy from the coronavirus pandemic.
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