The Dow Jones Industrial Average fell 79.75 points, or 0.24 percent, to 32,653.20. The S&P 500 decreased 15.88 points, or 0.41 percent, to 3,856.10. The Nasdaq Composite Index slid 97.30 points, or 0.89 percent, to 10,890.85.
Six of the 11 primary S&P 500 sectors ended in red, with communication services and consumer discretionary down 1.81 percent and 1.35 percent, respectively, leading the laggards. Energy rose 0.99 percent, the best-performing group.
The Fed will make an announcement on rates on Wednesday afternoon when concluding a two-day policy meeting.
While markets are widely expecting another 75-basis-point rate hike from the U.S. central bank, investors will also look for clues on future policy path.
On the economic front, the U.S. manufacturing PMI (Purchasing Managers' Index) fell 0.7 percentage points to 50.2 percent in October, the Institute for Supply Management reported on Tuesday. A reading over 50 percent indicates growth or expansion of the sector, while a reading below signifies contraction.
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