The Dow Jones Industrial Average fell Tuesday following its worst day since June as investors braced for a hawkish message from the Federal Reserve.
The blue-chip index faded 154.02 points to close Monday at 32,909.58.
The S&P 500 stepped back 9.26 points to 4,128.73.
The NASDAQ Composite sank 0.27 points to 12,381.30.
Health care, real estate and utilities were the worst performers in the S&P 500. Meanwhile, energy was the biggest winner in the broader market index, up 4% on the back of rising oil prices.
Zoom Video shares slumped 15% after the video conferencing company lowered its full-year forecast.
Traders are coming off a downbeat session, as a summer rally fizzled out amid mounting rate hike concerns
The Commerce Department reported sales of new homes tumbled in 12.6% in July, bringing the sales count to a seasonally adjusted annualized rate of 511,000.
Treasury prices lost ground, lifting yields to 3.06% from Monday's 3.03%. Treasury prices and yields move in opposite direction.
Oil prices tallied $3.26 to $93.62 U.S. a barrel.
Gold prices jumped 12 dollars to $1,760.40 U.S. an ounce.