US stocks fell moderately on Tuesday, but remained hovering near record levels as investors waited for Microsoft to release major technology company results as earnings season begins.
The S&P 500 (^GSPC) traded flat after Monday's winning session lifted the benchmark index to another all-time high. The Dow Jones Industrial Average (^DJI) fell 0.1%, while contracts on the Nasdaq Composite (^IXIC) also fell 0.1%.
The “Magnificent Seven” tech giants — aside from Tesla ( TSLA ) — are expected to do a lot of the heavy lifting for the S&P 500 this earnings season after fueling the stock's recent rally. Investors will be looking at Microsoft's (MSFT) report for signs of further gains from its massive investment in artificial intelligence. Alphabet (GOOGL, GOOG) results are also scheduled after the bell on Tuesday, while Apple (AAPL), Amazon (AMZN), and Meta (META) are on the docket on Thursday.
General Motors ( GM ) led Tuesday's earnings deluge with results that easily beat sales and revenue expectations in a fourth quarter marked by strikes. General Motors shares jumped more than 8% in early trading.
Meanwhile, investors are counting down to the Federal Reserve's interest rate decision at the end of its two-day meeting on Wednesday. The question of whether the cuts will take place in March or May is currently the subject of intense debate on Wall Street as markets approach records.
Read more: What a pause on federal interest rate hikes means for bank accounts, CDs, loans and credit cards
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