NEW YORK (TheStreet) -- Tech giants were dragging on markets on Wednesday as investors waited on the sidelines ahead of minutes from the Federal Reserve's October meeting.
Microsoft (MSFT) and Yahoo! (YHOO) led the Nasdaq lower, dropping 1.5% and 2.6%, respectively, while software-as-a-service provider Salesforce.com (CRM) tumbled 2.3% ahead of its earnings report after Wednesday's closing bell.
BlackBerry (BBRY) shares were falling 5.8% after getting hit with a downgrade from Morgan Stanley. Analysts said the market is currently too optimistic on the company's turnaround. Morgan Stanley analysts also snipped 2015 earnings estimates for Tesla (TSLA) on the back of the delayed Model X launch. Shares of the electric-vehicle maker slid 3.9%.
The S&P 500 was down 0.5%, the Dow Jones Industrial Average slipped 0.33%, and the Nasdaq fell 0.8%. On Tuesday, the S&P 500 reached a record high as oil prices slumped.
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Though markets moved lower, mostly a reaction to the record highs a day earlier, big trades were being kept off the table as investors focused on what the Fed might reveal in its notes from the Oct. 28-29 meeting. Wall Street is particularly keen on hearing discussions about the end of the central bank's bond-buying program and hints as to where members stand on when to raise interest rates. The minutes from the Fed meeting will be released Wednesday afternoon.