Wall Street bounces off session lows as stocks churn ahead of Fed statement

The Dow Jones Industrial Average fell 94.28 points, or 0.27%, to 34,270.22, the S&P 500 lost 44.38 points, or 1.01%, to 4,365.75

Wall Street plunged then pared losses on Tuesday, with interest-rate sensitive tech and tech-adjacent large caps weighing heaviest as uncertainties surrounding an increasingly hawkish Federal Reserve and rising geopolitical tensions contributed to the market's churn.

All three major U.S. stock indexes were well off the session's lows, which saw the S&P 500 flirt once again with confirming it was in a correction, or 10% below its record high reached on Jan 3. The bellwether index was last about 8.9% shy of its Jan 3 closing high.

The markets appeared to be on course for a repeat of Monday, when the U.S. stock