Volume was lower on the Nasdaq exchange while higher on the New York Stock Exchange compared with Monday, in preliminary numbers. On the Nasdaq exchange, falling stocks edged out rising ones by more than 2-to-1. In yet another rotation on the NYSE, winners slightly edged out losers.

Investors focused on the Fed's decision to leave interest rates unchanged and Chair Jerome Powell's news conference on Wednesday. Earnings from Meta and Microsoft were due after the closing bell.