U.S. stocks log lowest close of September as Fed meeting looms

U.S. stocks finished lower on Tuesday despite paring sharp declines from earlier in the day as the S&P 500 and Nasdaq Composite logged their lowest closing levels of September, based on preliminary end-of-day data from FactSet. The S&P 500
SPX,
-0.22%
fell by 9.53 points, or 0.2%, to 4,443.99, according to preliminary closing data, while the Nasdaq Composite
COMP,
-0.23%
shed 32.05 points, or 0.2%, to 13,678.19. The Dow Jones Industrial Average
DJIA,
-0.31%
fell by 106.57 points, or 0.3%, to 34,517.73. U.S. stocks sunk as rising Treasury yields and higher oil prices put pressure on equities ahead of Wednesday’s interest-rate decision from the Federal Reserve. The central bank is widely expected to leave borrowing costs on hold, but could still rattle markets by leaving the door open for more interest-rate hikes at future meetings. Also on Tuesday, Maplebear Inc., which is doing business as Instacart
CART,
+12.33%,
saw its shares climb 12.3% in its trading debut, which followed another successful offering from Arm Holdings last week. In addition to the Fed, investors will hear from a smattering of other central banks including the Bank of Japan and Bank of England later this week.