Walmart's (WMT) grave profit warning weighed on Wall Street, keeping the major indexes below their respective breakeven levels for the entirety of Tuesday's session. Stocks in the retail sector were hit particularly hard, with the big-box retailer's lowered forecast implying a general pullback on consumer spending as inflation runs wild. In response, the Dow shed 228 points, while the Nasdaq and S&P 500 each took a considerable haircut as well. Elsewhere, the U.S. Federal Reserve's two-day meeting is on, and many are pricing in a three-quarter percentage point interest rate hike.

The Dow Jones Average (DJI - 31,761.54) lost 228.5 points or 0.7% for the day. 3M (MMM) led the gainers, adding 4.9%. Walmart (WMT) paced the laggards, falling 7.6%.

The S&P 500 Index (SPX - 3,921.05) shed 45.8 points or 1.2% for the day. Meanwhile, the Nasdaq Composite (IXIC -11,562.58) fell 220.1 points, or 1.9% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 24.69) added 1.3 points or 5.7% for the day. 

RECESSION CONCERNS WEIGH ON OIL PRICES

Oil prices sank on Tuesday as recession concerns outweighed anxieties over tight crude supply. September-dated crude shed $1.72, or 1.8%, to settle at $94.98 per barrel. 

A rally for the U.S. dollar put even more pressure on gold prices, which sank again today. August-dated gold fell $1.40, or nearly 0.1%, to close at $1,717.70 an ounce.

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