Wall Street extends losses, Dow Jones falls 400 points

US stock indices declined on Tuesday and extended the losses ahead of the Fed's policy decisions.

Later Today, the Federal Reserve will convene to discuss policies, and tomorrow, it's expected to decide on hiking interest rates by 75 basis points to 3.25%, the third such increase in a row.

Such a hike would come following recent US inflation data, with analysts now expecting a 100% chance of a 0.75% rate hike at least, and a 37% chance of a 1% rate hike.

US 10-year treasury yields surged 1.5% for another session to 11-year highs at 3.547%, bolstering dollar's standing against major rivals. 

Dow Jones fell 1.3%, or 400 points to 30,620, while S&P 500 declined 1.3%, or 51 points to 3,849, as NASDAQ fell 1% to 11,418.