Stocks dropped at the open on Wednesday, as traders returning from the Independence Day break eyed headwinds for the global economy and await for the release of Federal Reserve minutes from the last policy meeting.

The S&P 500 (^GSPC) was down 0.4%, while the Dow Jones Industrial Average (^DJI) slipped by around 0.5%. The tech-heavy Nasdaq Composite (^IXIC) fell 0.3%.

A surprisingly sharp fall in Chinese services activity stoked concerns about the health of the world’s second-biggest economy, against a backdrop of building tensions in the US-China trade war.

Shares in Rivian (RIVN) rose nearly 6%, looking to extend Monday’s 17% rally, after Amazon said it would roll out the first vans from the EV maker in Germany.

The minutes from the Fed’s June meeting could shed light on policymakers’ decision to simultaneously hold off on a rate hike but still signal more increases to come. Those insights will set investors up for the crucial June jobs report on Friday.

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