U.S. equities extended their pull-back on Wednesday as another wave of selling in technology shares pushed the Nasdaq Composite down 0.65% to 21,176.51. The tech-heavy gauge has now fallen 3% in two sessions, its steepest two-day drop since April. The S&P 500 lost 0.27% to 6,394.05, marking a fourth consecutive decline, while the Dow Jones Industrial Average finished almost flat, edging up 0.01% to 44,925.47. Losses accelerated after minutes from the Federal Reserve’s July meeting signalled officials remain concerned that inflation could stay above target, tempering hopes for an aggressive rate-cut cycle. High-valuation technology stocks bore the brunt of the retreat, with chipmaker Nvidia and software group Palantir among the session’s notable laggards, according to exchange data cited by traders. The overnight selloff rippled across Asia earlier in the day. Japan’s Nikkei 225 slid 1.8%, leading regional declines, while sector-heavyweight SoftBank Group tumbled as much as 9.17%—its second straight drop—amid investor scrutiny of the firm’s recently announced $2 billion stake in Intel. Semiconductor suppliers Advantest and Renesas also lost ground, and tech benchmarks in South Korea, Taiwan and Hong Kong followed suit. Market participants now look to Federal Reserve Chair Jerome Powell’s speech at Jackson Hole later this week for clearer guidance on the rate path, with volatility expected to remain elevated until investors gain greater confidence over both monetary policy and the durability of this year’s artificial-intelligence-driven rally.