The Nasdaq 100 fell more than 1% on Wednesday, deepening a retreat that has shaved about 3% from the tech-heavy gauge over the past two sessions—the sharpest two-day decline since early April. The index is now roughly 4% below its Aug. 13 level, giving back most of this month’s earlier gains. Large-cap growth stocks, including the so-called “Magnificent Seven,” led the selloff, pushing the Invesco QQQ Trust further into the red. Risk appetite weakened after minutes from the Federal Reserve’s July meeting indicated policymakers remain worried that inflation could prove more persistent, keeping the door open to additional policy tightening. Caution spread across asset classes. Bitcoin slid to about $112,500 as some investors rotated toward perceived safe havens ahead of Fed Chair Jerome Powell’s address at the Jackson Hole symposium later this week.