The SPY Drops, 10-Year Treasury Yield Soars: What to Watch Heading Into Fed Minutes

A street sign for Wall Street is seen outside of the New York Stock Exchange (NYSE) in New York City, N.Y., on June 28, 2021. Andrew Kelly/Reuters

The SPDR S&P 500 gapped down 0.76 percent on Wednesday, for a total of a 3.14 percent decline since reaching a high of $462.07 on March 29.

Traders and investors have become jittery in anticipation the Federal Reserve will announce an aggressive rate hike when the central bank’s March meeting minutes are released at 2 p.m.