Stocks fall from records | Alphabet, Apple and Microsoft post earnings | CDC changes indoor mask policy

The major averages pulled back on Tuesday as investors prepared for key earnings.

VIEW IN BROWSER | SUBSCRIBE TUE, JUL 27, 2021 EVENING BRIEF AS OF TUE, JUL 27, 2021 • 05:05 ET DJIA 35058.52 -0.24% -85.79 S&P 500 4401.46 -0.47% -20.84 NASDAQ 14660.58 -1.21% -180.14   Most Active DOW NAME LAST CHG %CHG AAPL 146.77 -2.22 -1.49% INTC 53.18 -1.13 -2.08% MSFT 286.54 -2.51 -0.87% S&P 500 NAME LAST CHG %CHG GE 13.08 +0.16 +1.24% AAPL 146.77 -2.22 -1.49% AMD 91.03 -0.79 -0.86% NASDAQ NAME LAST CHG %CHG AAPL 146.77 -2.22 -1.49% AMD 91.03 -0.79 -0.86% JD 64.77 -1.31 -1.98%   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. Maggie Fitzgerald | CNBC Markets Reporter @mkmfitzgerald TOP NEWS  S&P 500 falls from a record ahead of big earnings, snaps a 5-day win streak CDC reverses indoor mask policy, saying fully vaccinated people and kids should wear them indoors Apple demolishes earnings expectations with iPhone sales surging nearly 50% Microsoft posts big earnings beat, but Windows revenue from device makers falls 3% Google advertising revenue rises 69% from last year Biden says vaccine mandate for all federal employees is under consideration following VA order The Fed could sound more worried about the virus and less ready to tighten policy Elizabeth Warren presses Janet Yellen, regulators to address 'growing threats' in crypto market Starbucks earnings beat, fueled by strong cold beverage sales in the U.S. Here's how Apple shares usually trade after third-quarter earnings   TOP VIDEO Markets are looking for direction from Fed following inflationary pressure   CNBC PRO Cramer says 'Elon Musk ended the magic,' making Tesla sound like a regular car company   SPECIAL REPORTS U.S. sells one-of-a-kind Wu-Tang Clan album forfeited by 'Pharma Bro' Martin Shkreli Wages are rising, but inflation may have given workers a 2% pay cut   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS