Stocks plunged as markets adjusted to another hot economic data point right as the Fed gets ready to deliver its next policy decision.

The commodities market is giving traders a sharp lesson in the dangers of momentum trades and parabolic moves. The ICE July cocoa contract is plunging 12.5% to $7,812 a metric ton, adding to a 15.7% loss on Monday, the biggest one-day fall ever, as speculators bale out.

U.S. stock futures wavered on Tuesday as investors awaited a spate of corporate earnings and braced for key macroeconomic catalysts in the coming days, including a Federal Reserve interest-rate decision due Wednesday.

Stocks slipped Tuesday after fresh data raised concerns that inflation will remain sticky. The Dow fell 571 points, or 1.5%. The S&P 500 declined 1.6% and the Nasdaq Composite lost 2%. All three major indexes closed out April lower,

Bitcoin is on pace for its worst month in nearly a year and a half — despite the cryptocurrency’s so-called halving event on April 19, which some crypto bulls had hoped would provide a fresh catalyst for a rally.