(Reuters) – U.S. stocks opened lower on Wednesday after minutes from the Federal Reserve’s July meeting showed growing concerns over weak inflation, while investors worried about President Donald Trump’s ability to pursue his pro-growth policies.

All the 11 major indexes were lower, with technology index’s .SPLRCT 0.4 percent fall topping the list.

Cisco’s (CSCO.O) 4 percent fall weighed the most on the S&P and the Nasdaq, while Wal-Mart’s (WMT.N) 2.7 percent slide was the biggest drag on the Dow.

Cisco reported a revenue miss in its closely-watched security business, while Wal-Mart’s quarterly margins fell as it continued to cut prices and invest in its e-commerce operations.

Indexes closed off their highs on Wednesday following Trump’s decision to disband two business councils after several chief executives quit in protest over his remarks on white nationalists.

“I think it creates concern. Now, you will have to question what the administration will be able to do going forward to implement any kind of policy,” said Bob Phillips, managing principal at Spectrum Management Group.

Weak inflation has spurred concerns that the Fed may have to cool its monetary tightening pace even though the economy is growing moderately and the unemployment rate is at a 16-year low.

The central bank is also considering reducing its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities.

“The Fed beginning to reduce its balance sheet will cause some upward pressure on interest rates and the Fed won’t probably see a need to raise rates once more this year. That’s my gut feeling,” Phillips said.

At 9:43 a.m. ET (1343 GMT), the Dow Jones Industrial Average .DJI was down 63.63 points, or 0.29 percent, at 21,961.24 and the S&P 500 .SPX was down 5.06 points, or 0.21 percent, at 2,463.05.

The Nasdaq Composite .IXIC was down 18.57 points, or 0.29 percent, at 6,326.54.

Data showed the number of Americans filing for unemployment benefits fell to a near six-month low last week, pointing to a further tightening in the labor market.

Initial claims for state unemployment benefits fell to 232,000, while economists polled by Reuters had forecast claims dropping to 240,000.

Investors will also be focusing on Dallas Fed President Robert Kaplan and his Minneapolis counterpart, Neel Kashkari, who are speaking at different events later in the day.

Alibaba’s (BABA.N) shares hit record high after the e-commerce firm’s revenue beat estimates.

L Brands (LB.N) was down 2.6 percent following its quarterly forecast that fell below expectations.

Declining issues outnumbered advancers on the NYSE by 1,533 to 965. On the Nasdaq, 1,390 issues fell and 892 advanced.