Stocks rebound off worst levels of the session, Dow is down 300 points; European stocks close sharply lower as inflation fears roil global markets 
The Dow Jones Industrial Average last traded 300 points lower after dropping 586 points at its low of the day. The S&P 500 fell 0.4% as all 11 sectors traded in the red. The tech-heavy Nasdaq Composite dipped just 0.1% after dropping 1.7% earlier as some of the major tech stocks reversed higher including Facebook and Alphabet. 
The major averages briefly added to their losses in afternoon trading after the Federal Reserve’s minutes from its April meeting hinted at reconsidering its asset purchase programs in upcoming meetings. 
Sentiment overall was dented by a sudden plunge in cryptocurrencies including bitcoin. The world’s largest digital token plunged 30% at its low of the session to just above $30,000, according to Coin Metrics. The cryptocurrency recovered some of the decline in afternoon trading and was last down 10%. 
Helping the sentiment a bit on Wednesday was better-than-expected results from Target. Shares of the major retailer popped by 5.5% after it said sales surged 23% last quarter. 

The pan-European Stoxx 600 ended the session down by 1.5%, with basic resources dropping 4.1% to lead losses as all sectors and major bourses traded firmly in negative territory. 
On the Stoxx 600, Swedish engineering company Sandvik fell 5.9%, while Swiss hearing aid manufacturer Sonova gained 1.8% after JPMorgan and Goldman Sachs upgraded the stock. 
Source: CNBC