U.S. stocks began the week deeply in the red as investors continued to flock to the sidelines in September amid several emerging risks for the market.

The S&P 500 fell 1.7% to 4,357.73, posting its worst daily performance since May 12. It was a broad sell-off with each of the main 11 sectors of the benchmark registering losses. 

Stocks have struggled so far in September in line with historical trends. For the month, the Dow is off 3.9%. The S&P 500 is lower by 3.7% and the Nasdaq Composite has fallen 3.6%.

Fed Chair Jerome Powell will hold a press conference Wednesday at the conclusion of the two-day meeting. Powell has said the so-called tapering could occur this year, but investors are waiting for more specifics, particularly after mixed economic data released since Powell’s last comments.

U.S. stock futures were higher in early morning trading on Tuesday following a major sell-off on Wall Street. 

The tech-heavy Nasdaq Composite dropped 2.2% to 14,713.90.

The major averages tumbled on Monday due to a confluence of concerns including the imminent Federal Reserve meeting, the lingering delta variant, potential economic disruption in China and the debt ceiling deadline.

The Federal Reserve begins its two-day policy meeting on Tuesday and investors are looking for more information from Chairman Jerome Powell about the central bank’s plans to taper its bond buying, specifically when that will happen. Powell said last month that he sees the Fed slowing its $120 billion in monthly purchases at some point this year.

The Fed releases its quarterly economic forecasts, the so-called dot plot, along with the statement on interest rates at 2 p.m. ET Wednesday. Powell will have a a press conference after.

Investors are also concerned about the deadline to raise the debt ceiling and possible tax increases. Congress returned to Washington from recess rushing to pass funding bills to avoid a government shutdown.

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Plan A : Attempt sell if oil price trades below 70.9. Targets are 70.3 and 69.2.

Plan B : Consider long only if oil price holds firmly above 70.3 and rebound. Targets are 70.9 and 71.9.