Stocks fell on Tuesday as a sharp drop in Google's parent Alphabet dragged down the communication services sector.
The Dow Jones Industrials remained negative 14.74 points midday to 26,539.65, as Apple lagged.
The S&P 500 slumped 5.05 points to 2,937.98, also falling from an all-time high, declining 0.4% while the communication services sector plunged nearly 3%.
The NASDAQ Composite Index fell 64.16 to 8,097.69, after reaching an all-time high in the previous session.
Alphabet fell more than 8% and was headed for its worst day since Dec. 1, 2008 after posting revenue of $36.34 billion in the first quarter, versus $37.33 billion expected. The weaker revenue was driven by the decelerating ad sales growth at Google
Dow-component McDonald's posted quarterly earnings and revenue that topped analysts' expectations. Global same-store sales grew 5.4% in the first quarter, more than the 3.4% increase analysts expected, as the burger chain ramped up its promotion programs. The company's stock rose 1.1%.
General Electric reported better-than-expected first-quarter earnings Tuesday, sending its shares up 4.6%. The company posted earnings of 13 cents a shares, above Wall Street consensus of nine cents a share. Revenue also came above expectations.
Merck and Pfizer both released earnings beats on Tuesday. Investors will also zoom in on Apple, which is set to report numbers after the bell.
More than half of the S&P 500 companies have reported so far and 77% of them have topped analyst expectations. If all remaining companies report numbers in line with estimates, earnings growth will be up 0.7% year over year, which contrasts the 2% decrease expected as recently as April 1.
The Federal Reserve is also starting its two-day policy meeting Tuesday. Money managers will be looking for clues on the central bank's plan for its balance sheet moving forward as well as its view on the economy.
Prices for the benchmark 10-year U.S. Treasury were sharply down, raising yields to 2.52% from Monday's 2.53%. Treasury prices and yields move in opposite directions.
Oil prices gained 46 cents to $63.96 U.S. a barrel.
Gold prices advanced $3.60 to $1,285.10 U.S. an ounce.