Minutes from the Fed's most recent meeting in early May showed that Fed presidents are split on whether to hike interest rates again at its upcoming June policy meeting, or signal a pause in further interest rate hikes and wait for the dust to settle following the regional banking crisis earlier in the spring, Business Insider reported.

Meanwhile, investors are growing increasingly concerned about a potential US debt default as President Joe Biden and House Speaker Kevin McCarthy still seem to be at an impasse when it comes to raising the country's borrowing limit.

While both leaders have repeatedly stated a debt default will not happen, both sides remain stuck on what type of concessions to give that would get a deal across the finish line.

Finally, Treasury Secretary Janet Yellen reiterated to Congress on Wednesday that the US government could run out of money to pay its bills by as early as June 1, leaving just a week left for lawmakers to strike a deal.

Here's where US indexes stood at the 4:00 p.m. ET close on Wednesday:

S&P 500: 4,115.33, down 0.73%

Dow Jones Industrial Average: 32,800.38, down 0.77% (255.13 points)

Nasdaq Composite: 12,484.16, down 0.61%