EDITOR'S NOTE
The major averages pulled back on Tuesday as investors prepared for key quarterly reports. Google-parent Alphabet, Microsoft and Apple issued their results after the bell and beat analysts' expectations for earnings.
The Dow Jones Industrial Average fell 85.79 points, closing at 35,058.52, and the S&P 500 dipped nearly 0.5%. The Nasdaq Composite slipped 1.2%. The indexes fell from their respective records reached in the previous session, breaking their five-day winning streaks.
The small-cap benchmark Russell 2000 lost more than 1%.
"Major tech company EPS reports are today after the close and given recent excellent performance by many of these stocks, several investors predetermined to 'sell the news'," said Jim Paulsen, chief investment strategist at the Leuthold Group.
Ahead of the mega-cap technology earnings, 88% of S&P 500 companies have reported a positive earnings-per-share surprise, according to FactSet. If 88% is the final percentage, it will mark the highest figure since FactSet began tracking this metric in 2008. 
Tuesday also marked another rough day for Asian markets, as Beijing's regulatory crackdown on tech and education companies sent those shares reeling.
"China worries continue to rattle the stock market particularly new-era, technology stocks. Continued aggressive tactics directed at several companies, aimed at increasing the Chinese government's control, is causing selling of Chinese shares and worries some of the governmental actions may eventually be directed at U.S. companies operating in China," added Paulsen.
Investors are also looking forward to the Federal Reserve’s update on monetary policy as the central bank’s two-day meeting this week began. The Federal Open Market Committee will release a statement when the meeting concludes Wednesday, followed by Chairman Jerome Powell’s news conference. TOP NEWS
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