The stock market has been pricing in a strong economy, even if “conditions are lining up to disappoint those elevated expectations,” says Bob Elliott, co-founder of Unlimited Funds.

In the S&P 500, Analog Devices ADI took the lead with a gain of more than 4% while Target TGT weighed on the benchmark index with a loss of nearly 7%. The retailer triggered a sell rule by falling below its 50-day moving average in heavy volume and remained around 60% below its all-time high of 268.98.

A flight to quality trade happens when investors begin to get more defensive and risk-averse, buying stocks that they perceive as higher-quality and avoiding low-quality ones. It’s typical of a market that is seeking safety as some investors bail out, and may presage a market drop.

The Dow, S&P 500, and Nasdaq are falling. The tech selloff extends a second day and markets shrug off the latest Federal Reserve minutes.

Live Updates Live Coverage Has Ended Tuesday Wrap-up 4:12 pm The Vanguard S&P 500 ETF closed at 588.15 Tuesday, down 0.5%. Softbank Rides to Intel's Rescue 12:10 pm “Great minds think alike,” goes the old saying,

Jim Cramer previews Wednesday's Federal Reserve decision and discusses Adobe ... Is Adobe a Victim of Its Own Success? Adobe stock moved lower after the company's earnings and outlook topped Wall Street expectations, but recurring revenue figures ...

For investors, the July CPI print was just right, as it raised the odds of a rate cut at the next Fed meeting while showing that inflation isn't spiraling.

Top Federal Reserve officials generally expect inflation to increase in the near term, according to minutes of the July meeting released on Wednesday. The only questions were how big the gain would be,