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U.S. stocks fell Tuesday as market volatility continued after the major indexes on Monday notched one of the biggest comebacks in history.

The Dow Jones Industrial Average lost about 300 points, or 0.9%. The S&P 500 dropped 1.4%, while The Nasdaq Composite fell 1.7%.

The yield on the benchmark 10-year Treasury note rose Tuesday, pressuring Nasdaq 100 futures and technology shares in the premarket.

The Dow on Monday rallied from a more than 1,100-point loss to close up higher and snap a six-day losing streak. The Nasdaq Composite reversed a 4.9% decline from earlier in the day to finish positive — its biggest rebound since 2008. The S&P 500 also rallied from major losses to close up.

History shows a sharp intraday comeback for the Nasdaq Composite does not typically signal the end of the sell-off, but rather marks volatility seen at the start of a down period, according to Bespoke Investment Group analysis.

“I don’t think it’s done,” Liz Young, head of investment strategy at SoFi, told CNBC’s “Squawk Box” on Tuesday. “This ... is a digestion process of a new environment that we’re not conditioned for.”

Even after Monday’s comeback, the S&P 500 is down 7.5% in January, one pace for its worst month since March 2020 at the onset of the pandemic.

The 10-year Treasury yield has climbed this year as the Federal Reserve tightens its monetary policy and prepares to hike interest rates. Investors have rotated out of high-growth areas of the market in favor of safer bets. The Nasdaq Composite is in correction territory, down 14% from its intraday record.

“Downside risks from monetary tightening are higher vs history. The pain has so far been localized to high valuation stocks, but signs of a broader risk-off are brewing,” Barclays’ Maneesh Deshpande said in a note Tuesday.

Investors are eyeing the Fed’s two-day policy meeting beginning Tuesday for updates on when the central bank will raise interest rates and by how much. Market participants expect the Fed to signal a rate hike as soon as March and more policy tightening on the table to address high inflation.

A slew of companies reported quarterly earnings before the bell.

General Electric fell about 6% and Johnson & Johnson was marginally lower in the premarket after both companies beat earnings expectations, but missed revenue estimates.

3M rose in early morning trading after the company’s quarterly report topped Wall Street projections on the top and bottom lines.

Investors also monitored geopolitical tension at the Russia-Ukraine border. President Joe Biden spoke with European leaders Monday amid fears of a possible Russian invasion of Ukraine.