Tech shares drag down S&P 500 and Nasdaq while traders bet on market decline.

The S&P 500 and Nasdaq dropped as technology stocks reversed course, while investors awaited inflation data and the Federal Reserve's policy meeting next week. More than half of the S&P sub-sectors declined, led by communication services. Inflation data in the U.S. is expected to show consumer prices cooled slightly on a month-over-month basis in May but core prices are likely to have remained elevated. The fall on Wednesday is reflective of a lack of confidence in investors over the sustainability of the rally, as it is dependent on a small concentration of major names.