U.S. stocks fell for the first time in six days on Tuesday ahead of quarterly earnings reports from several megacap technology companies.
The Dow Jones Industrials plummeted 103.14 points to 35,041.17.
The S&P 500 deducted 22.86 points to 4,399.44.
The NASDAQ plummeted 210.92 points, or 1.4%, to 14,629.39.
The major averages are all slipping from their respective records reached in the previous session, on track to break their five-day winning streaks.
Shares of UPS tumbled more than 8% as the shipping company's domestic revenue came up shy of estimates. UPS beat on the top and bottom lines, however, as a surge in e-commerce orders continued.
Tesla erased earlier gains and fell 2.5% following a better-than-expected second-quarter earnings report. The electric vehicle maker passed $1 billion in quarterly net income for the first time.
The second-quarter earnings season kicked into high gear this week with Google-parent Alphabet, Microsoft and Apple set to report after the bell Tuesday.
So far, 88% of S&P 500 companies have reported a positive EPS surprise, according to FactSet. If 88% is the final percentage, it will mark the highest percentage since FactSet began tracking this metric in 2008.
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.
Prices for 10-Year Treasurys gained ground, lowering yields to 1.25% from Monday's 1.30%. Treasury prices and yields move in opposite directions.
Oil prices fell two cents to $71.89 U.S. a barrel.
Gold prices slid $2.50 to $1,796.70 U.S. an ounce.