The Dow Jones Industrial Average declined during its recent trading at the intraday levels, to record losses in its last sessions, by -0.71%. It lost the index by -228.50 points and settled at the end of trading at the level of 31,761.55, after it rose during Monday’s trading by 0.28% .

Stocks opened lower after Walmart Inc. WMT late Monday forecast its earnings, saying that food inflation caused further cuts in apparel, dragging down other retail stocks as well.

The US Federal Reserve kicked off its two-day rate meeting Tuesday and Wednesday, which is expected to conclude Wednesday with a 75 basis point increase while the central bank continues to tighten aggressively in its efforts to curb inflation.

New home sales in the United States fell 8.1% to a seasonally adjusted 590,000 in June, from a revised 642,000 the previous month, the Commerce Department said Tuesday.