US stocks resume sell-off as tech megacaps slump weigh on indexes

The US Fed is expected to hold interest rates steady on Wednesday, and its quarterly dot plot should give investors more insight into the outlook for the US economy

US treasury secretary Scott Bessent said that while the underlying economy is healthy and there is no reason for the US to see a recession, he cannot guarantee that it will not happen. File Picture: Ben Curtis/AP

US stocks declined on Tuesday, with technology companies dragging major indexes lower as investors remain concerned about the economy ahead of Wednesday's Federal Reserve’s decision.

The S&P 500 Index fell more than 1% in New York. The tech-heavy Nasdaq 100 Index declined 1.7%. The blue-chip Dow Jones Industrial Average shed 0.4%.