S&P 500 dips with Fed policy announcement on tap

The S&P 500 ended lower on Tuesday as the index was unable to bounce from a sharp sell-off in the prior session with a key policy statement from the Federal Reserve on deck that will reveal how aggressive the central bank's policy path will be.

Analyst expectations had largely been predicting the Fed would hike by 50 basis points at the conclusion of its meeting on Wednesday.

Data on Tuesday showed that the producer prices index (PPI), while slightly less than expectations on a year-over-year basis for May, remained high as gasoline prices jumped.

The $Dow Jones Industrial Average(.DJI.US)$ fell 151.91 points, or 0.5%, to 30,364.83, the $S&P 500 Index(.SPX.US)$ lost 14.15 points, or 0.38%, to 3,735.48 and the $Nasdaq Composite Index(.IXIC.US)$ added 19.12 points, or 0.18%, to 10,828.35.

The benchmark S&P 500 suffered its fifth straight daily decline, marking its longest losing streak since early January. Monday's declines put the index down more than 20% from its most recent record high, confirming a bear market began on Jan. 3, according to a commonly used definition.

Among individual stocks, swimming pool supplies distributor $Pool Corp(POOL.US)$ slumped 5.27% after Jefferies cut its price target on the stock to $400 from $485.

$FedEx(FDX.US)$ surged 14.41% after raising its quarterly dividend by more than 50%, while Oracle Corp gained 10.41% after posting upbeat quarterly results on demand for its cloud products.

$Continental Resources(CLR.US)$ jumped 15.07% after the shale producer received an all-cash buyout offer from its founder Harold Hamm, valuing the company at $25.41 billion.

Volume on U.S. exchanges was 12.49 billion shares, compared with the 12.01 billion average for the full session over the last 20 trading days. $SPDR S&P 500 ETF(SPY.US)$ $Invesco QQQ Trust(QQQ.US)$