The Nasdaq fell more than 1 percent on Wednesday, weighed down by technology heavyweight Apple's profit miss, while the Dow turned negative and the S&P 500 added to losses after the Federal Reserve said in its Beige Book survey that economic prospects appeared to be dimming.

The Dow Jones industrial average <.DJI> dropped 23.20 points, or 0.20 percent, to 11,553.85. The Standard & Poor's 500 Index <.SPX> dropped 9.15 points, or 0.75 percent, to 1,216.23. The Nasdaq Composite Index <.IXIC> dropped 37.32 points, or 1.40 percent, to 2,620.11.