Yesterday's historic comeback for the Dow was short-lived, with all three major indexes ending Tuesday's session in the red. In focus has been the Federal Reserve's two-day meeting, which started this afternoon, as well as global tensions between Russia and Ukraine, which had already been putting pressure on oil. The 10-year Treasury yield rose, putting added weight on the tech sector. Both FAANG and chip names suffered in response, however, the Dow managed to pare most of this afternoon's steep losses by closing just 66 points lower.

The Dow Jones Average (DJI - 34,297.73) shed 66.8 points or 0.2% for the day. American Express (AXP) led the gainers today, adding 8.9%, and Salesforce.com (CRM) paced the laggards with a 3.4% fall. 

The S&P 500 Index (SPX - 4,356.45) moved 53.7 points lower, or 1.2%, while the Nasdaq Composite (IXIC - 13,539.30) plunged 315 points, or 2.3%, for today's session. 

Lastly, the CBOE Volatility Index (VIX - 31.16) added 1.3 point or 4.2% for the day.

BIDEN SENDS WARNING TO RUSSIA AMID HEIGHTENING TENSIONS

Oil managed to log a day of recovery amid rising tensions between Russia and Ukraine, even as U.S. President Joe Biden warned the former country against taking action. March-dated oil added $2.29, or nearly 2.8%, to settle at $85.60 per barrel.

Gold surged to a two-month peak this afternoon, fueled by anticipation for tomorrow's Fed announcement and a continued volatile broader market. February-dated gold added $10.80, or 0.6%, to close at $1,852.50 per ounce.