The Dow Jones Industrial Average erased 313.45 points, or 1.01 percent, to 30,706.23. The S&P 500 declined 43.96 points, or 1.13 percent, to 3,855.93. The Nasdaq Composite Index decreased 109.97 points, or 0.95 percent, to 11,425.05.
All the 11 primary S&P 500 sectors ended in red, with real estate and materials down 2.57 percent and 1.9 percent, respectively, leading the losses.
Investors were assessing how high the Fed will raise interest rates when it concludes a two-day policy meeting on Wednesday.
The U.S. central bank has been raising rates since March in a bid to tame inflation that's running at multi-decade highs, but recent data suggested that the efforts were not yet having much of an effect.
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