U.S. stocks fell for the first time in six days on Tuesday ahead of quarterly earnings reports from several megacap technology companies.

The S&P 500 declined nearly 0.5% to 4,401.46, led to the downside by consumer names, tech and energy. The broad equity benchmark dropped 1.1% at its session low.  

The second-quarter earnings season kicked into high gear this week with Google-parent Alphabet, Microsoft and Apple reporting after the bell Tuesday. The trio of tech heavyweights declined ahead of their numbers: Alphabet slid nearly 1.6%, and Apple dropped roughly 1.5%. Microsoft was down nearly 0.9%.

Investors are awaiting the Federal Reserve’s update on its monetary policy as the central bank’s two-day meeting began. The Federal Open Market Committee will release a statement when the meeting concludes Wednesday, followed by Chairman Jerome Powell’s news conference.

The International Monetary Fund warned Tuesday that there’s a risk inflation will prove to be more than just transitory, pushing central banks to take pre-emptive action.

E-Mini Nasdaq

U.S. stock index futures fell during early morning trading on Wednesday after the major averages pulled back from record highs, snapping a five-day winning streak.

The Nasdaq Composite slid 1.2% to 14,660.58.

The busiest week of earnings continues on Wednesday with Pfizer, McDonald's, Qualcomm, Facebook, Ford and Paypal among the names on deck. Of the S&P 500 companies that have reported quarterly results thus far, 89% have topped earnings estimates, while 86% have exceeded revenue expectations, according to data from Refinitiv.

Despite Tuesday’s dip, the major averages are still on track to end the month higher. The S&P is up 2.4% for July, while the Nasdaq Composite and Dow have gained 1.1% and 1.6%, respectively.

The Federal Reserve kicked off its two-day meeting on monetary policy Tuesday. On Wednesday the Federal Open Market Committee will release a statement followed by remarks from Chairman Jerome Powell during a press conference.