• The Dow Jones Industrial Average fell 335.6 points, or 1.35 percent, to close at 24,610.91, the S&P 500 lost 39.09 points, or 1.42 percent, to 2,712.92 and the Nasdaq Composite dropped 137.74 points, or 1.84 percent, to 7,344.24.
U.S. stocks dropped on Monday, with the S&P and Nasdaq suffering their worst day in just over five weeks, as concerns over increased regulation for large tech companies was spearheaded by a plunge in Facebook shares.
• Facebook shares tumbled 6.8 percent as Chief Executive Mark Zuckerberg faced calls from both U.S. and European lawmakers to explain how a consultancy that worked on President Donald Trump’s election campaign gained access to data on 50 million Facebook users.
• Investors were also cautious ahead of a two-day monetary policy meeting at the U.S. Federal Reserve starting on Tuesday.
• The market believes the Fed is set to raise interest rates on Wednesday as Thomson Reuters data shows traders expect a quarter-percentage-point hike to be a certainty. Investors are now grappling with the question of whether an improving economy could lead to more hikes than anticipated.
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• Asian markets were weaker on Tuesday, as the pullback on Wall Street overnight weighed on sentiment early in session.
• In Tokyo, the Nikkei 225 fell 1.04 percent, or 223.21 points, tracking the declines seen stateside overnight. Tuesday's move lower also extended the Nikkei's decline in the last session amid an ongoing political scandal that's hurting public support for Prime Minister Shinzo Abe.
Reference: Reuters, CNBC
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