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The S&P 500 fell from a record on Thursday as investors awaited more details on the Federal Reserve’s plan to pull back on monetary stimulus from the central bank’s annual symposium on Friday.

Traders were also eying new developments in Afghanistan, which added to the risk-off sentiment. The Pentagon confirmed 12 U.S. service members were killed and 15 wounded after two explosions went off outside the Kabul airport Thursday.

The Dow Jones Industrial Average lost 192.38 points, or 0.5%, to 35,213.12.

The S&P 500 slid 0.5% to 4,470.00.

The Nasdaq Composite fell 0.6% to 14,945.81.

Both the S&P 500 and the Nasdaq Composite closed at records Wednesday with the broad market index briefly trading above 4,500 for the first time at one point.

Federal Reserve Chairman Jerome Powell is slated to make remarks on Friday as part of the central bank’s summit. The Fed has been purchasing at least $120 billion of bonds per month to bolster the economy in reaction to the pandemic.

“Expect investors to keep an eye on the Fed’s symposium the rest of this week for any comments about tapering or timing for interest rate hikes,” Paulsen said. “Either unexpected commentary from the Fed or a failure or success in scaling 4,500 could bring additional volatility to the stock and bond markets.”

Reference: CNBC