U.S. stocks on Tuesday fought to rebound from Monday’s rout, but failed as the Dow Jones Industrial average trended lower for most of the session and closed in the red.

The S&P 500 shed about 0.1% to 4,354.19, following its worst day since May on Monday. 

The drop initially attracted investors at Tuesday’s open, but markets couldn’t hold the comeback. The S&P 500 was up 0.9% at its high of the day. Investors were also cautious ahead of the Federal Reserve's decision on interest rates and release of economic forecasts on Wednesday. 

The Fed will release 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 press conference after the announcements.

E-Mini Nasdaq

U.S. stock futures were higher in early morning trading on Wednesday after the major averages failed to rebound from Monday’s Evergrande-led sell-off in the regular session.

The Nasdaq Composite rose 0.2% to 14,746.40 as investors bought some major tech shares like Apple on the dip.

The Federal Reserve will conclude its two-day meeting on Wednesday and release a policy statement with economic and interest rate forecasts. Chairman Jerome Powell is expected to speak to the media at 2:30 p.m. ET.

Investors expect to hear details about when exactly the central bank plans to begin tapering its bond buying. Powell has previously said it could begin as soon as this year. That may not necessarily happen, however.

Plan A : Long if market supported firm above 15056. Targets are 15089, 15121 and 15155.

Plan B : Short if market failed to support above 15056. Targets are 15015, 14972 and 14929.

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