The S&P 500 fell from a record high on Wednesday as the momentum from a strong earnings season started to fade.

The S&P 500 traded down 0.5% to 4,551.68, for its first down day in three. 

So far roughly 38% of the S&P 500 has reported earnings. Of the names that have posted quarterly updates, 83% have topped earnings expectations, while 79% have exceeded revenue estimates.

Strong results have been key to pushing the major averages to new highs. The S&P 500 has rallied 5.6% in October, on track for its best monthly performance since November 2020. The equity benchmark reached its 57th record close of 2021 on Tuesday.

Stock futures edged higher in overnight trading on Wednesday after the S&P 500 and the Dow Jones Industrial Average slipped from their record highs.

The tech-heavy Nasdaq Composite closed at 15,235.84, flat despite a jump in Microsoft and Alphabet shares.

Microsoft shares jumped 4.2% after the tech company reported earnings that exceeded analysts' estimates and the fastest revenue growth since 2018. Google-parent Alphabet also popped 4.9% following a stronger-than-expected quarterly report.

Investors awaited the first estimate for third-quarter annualized gross domestic product growth from the Commerce Department. Economists polled by Dow Jones expected an increased of just 2.8% as products remained stranded at normally bustling ports, employers struggled to find workers and consumers battled with inflation.