Why is the stock market down today? Dow slides, teladoc slips.

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The stock market can’t go up forever, and major indices are taking a breather on Wednesday before the release of the minutes of the Federal Reserve’s July meeting in the afternoon.

The Dow Jones Industrial Average has decreased by 200 points, or 0.6%, while Standard & Poor’s 500 decreased by 0.8% and Nasdaq Composite It was down 1.1%. Published Dow and Standard & Poor’s 500 Modest Gains Tuesday.

Checking the news for potential catalysts for vulnerability does not lead to many possibilities. Wednesday,

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(Stock ticker: TGT) reported a Big loss in second quarter profitWhile

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(a little) Earnings estimates topped But same-store sales fell short of expectations. US retail sales remained unchanged in Julyfrom June, but that was largely due to lower gasoline prices.

Perhaps the answer lies outside. UK inflation rose 10.1% in July to Highest level since the 80sAfter all, while reports circulated that Chinese Premier Li Keqiang was encouraging officials in six provinces to do more to help boost growth. None of this looks good, especially as strategists continue to worry about the possibility of a global recession.

“While our (typical) baseline forecast sees the global economy narrowly avoiding a recession, we judge risks are strongly skewed to the downside,” wrote Citigroup’s Nathan Sheets. “These include a sharper-than-expected decline in the eurozone, the failure of the Chinese authorities to provide adequate stimulus, and a faster decline in US consumer spending and labor market conditions.”

Investors will be looking to learn more about what the Federal Reserve thinks when the minutes of its July meeting are released, which raised interest rates by three-quarters of a point for the second month in a row, at 2 p.m. ET.

“Investors will be looking for any clues in the minutes report that the Fed may slow the pace of rate hikes now that inflation data is starting to slow,” said Jitu Sharma, founder and chief investment officer of Minneapolis-based AlphasFuture LLC.

This means that investors have reason to be at least some fear. But don’t forget that the S&P 500 is up 18% from its June lows in just over two months.

This is a long race, and the stock market may simply be due to a break. The question is what size one. One measure to watch: the CBOE Volatility Index, or Vix, which sits just under 20, at 19.91, on Wednesday. Katie Stockton of Fairlead Strategies explains, it may be set for a rally, which would be a warning sign for all investors. “This may be a precursor to a loss of confidence in the relief rush (i.e. further hedging), and an increased risk of losing short-term momentum beyond the inversely correlated SP,” she wrote.

We’ll have to go through the Fed minutes first.

Here are some stocks on the go on Wednesday:

Manchester United

(MANU) is up 4.5% after that Elon Musk said he was buying a UK football club Then, in a subsequent post on Twitter, he said it was a joke. Shares of the Musk Electric Vehicle Company,

Tesla

(TSLA), down 1%.

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(BBBY) is up 25%. The stock has risen about 350% over the past three weeks amid a The frenzy of buying meme stock.

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(TGT) down 4% after second-quarter earnings Missed Wall Street predictions.

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(Low) Up 0.8% after second-quarter earnings Topped analyst estimates.

Tilladock Health

(TDOC) is down 3.3% after it was cut for sale in Guggenheim.

Write to Ben Levisohn at [email protected] and Joe Woelfel at [email protected]