Futures for the Dow Jones Industrials slumped 179 points, or 0.5%, to 34,460.
Futures for the S&P 500 sank 24.25 points, or 0.5%, to 4,468.
Futures for the NASDAQ dipped 99 points, or 0.6%, to 15,265.75.
Markets were closed Tuesday for the Fourth of July holiday. They closed early Monday.
Minutes from the June 13-14 Fed meeting due Wednesday afternoon could provide more details on where monetary policy is heading. While the decision to hold interest rates steady was not a surprise, indications that members see at least two more hikes before the end of the year did catch the market off guard. Since then, policymakers have provided further indications that they see more work ahead before inflation is brought back down to an acceptable level.
Traders are also watching for May factory orders data out Wednesday after the market open. Economists polled by Dow Jones are anticipating a rise of 0.6%, which would be greater than the 0.4% increase the previous month.
Investors are coming off a positive session Monday, which kicked off the start of a new month, quarter and half-year for traders. Stocks rose slightly during the shortened trading day, with the Dow Jones Industrial Average adding 10.87 points, or 0.03%. The S&P 500 rose 0.12%, while the NASDAQ Composite closed 0.21% higher.
In Japan, the Nikkei 225 slipped 0.3% Wednesday, while markets in Hong Kong tumbled 1.6%
Oil prices surged $1.47 to $71.26 U.S. a barrel.
Gold prices took on $4.80 to $1,912.50. U.S. an ounce.