Stocks fell Tuesday, adding to the previous session's losses, as market participants continued to mull over the impact of the Federal Reserve's upcoming monetary policy decision amid economic warnings from big banks. The Dow Jones Industrial Average dropped over 350 points, while the S&P 500 and Nasdaq Composite fell 1.4% and 2%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -1.44% or -57.58 points to 3,941.26

Dow Jones Industrial Average (DIA  ): -1.03% or -350.76 points to 33,596.34

Nasdaq Composite Index (QQQ  ): -2.00% or -225.05 points to 11,014.89

Tuesday's moves added to Monday's declines, with the S&P 500 falling for a fourth straight session. Wall Street's moves also brought the Dow's two-day losses to more than 800 points.

Driving the downturn, some of the biggest Wall Street bank executives issued a downbeat forecast for next year as inflation continues to impact consumer demand. Bank of America (BAC  ) CEO Brian Moynihan told investors at a financial conference Tuesday that the firm's research shows "negative growth" in the first half of 2023.

Separately, Goldman Sachs (GS  ) CEO David Solomon told Bloomberg in an interview that economic growth is slowing and the bank's employees should prepare for possible job cuts. Morgan Stanley (MS  ) is also reportedly planning to cut 2% of its workforce.

JPMorgan Chase (JPM  ) CEO Jamie Dimon also added to economic concerns on Tuesday, saying in an interview with CNBC's "Squawk Box" that inflation and its impact on consumer demand "may very will derail the economy and cause a mild or hard recession that people worry about."

On the forefront of market participants' minds is the central bank's upcoming policy decision next week. Policymakers, including Chair Jerome Powell, have signaled in recent weeks that the central bank will enter a new phase of its aggressive tightening campaign, possibly issuing a half-point rate hike at the end of its December 13-14 meeting after four consecutive 0.75 percentage point increases.

However, recent data readings have showed the economy has continued to remain strong despite the Fed's rate hikes and persistent inflation. Last week, the November jobs report showed more-than-expected job gains and robust wage growth, which is the opposite of what the Fed is looking for when it comes to easing its monetary policy moves.