Stocks closed lower on Wall Street Wednesday after minutes from the Federal Reserve's last meeting raised expectations that the central bank will move faster to raise interest rates to fight inflation.

The S&P 500 fell 1.9%. Drops in major technology stocks were the biggest weight on the market. The tech-heavy Nasdaq pulled 3.3%.

The Dow Jones Industrial Average of 30 blue-chip companies slipped 1.1%, easing back from the record high it set a day earlier. Small-company stocks also posted sizable losses.

Bond yields rose after the Fed minutes came out. The yield on the 10-year Treasury note rose to 1.70%.