Stocks, oil and cryptocurrencies fell, continuing the market’s bruising start to the year, as investors prepared for a Federal Reserve meeting and tracked tensions between the West and Russia over the military buildup on the border with Ukraine.

The S&P 500 fell 3.1% in midday trading. The swift drop put the broad benchmark index into correction territory, defined as a 10% drop from a recent high. The S&P 500 has declined for three consecutive weeks, and last week it suffered its biggest weekly drop since March 2020.