US Stock Market Today: S&P Slips From Record High, Nasdaq Down 50 Points; Fed Policy In Focus

US Stock Market Today: The S&P 500 and the Nasdaq slipped from their record highs on Tuesday, July 29, after a series of downbeat earnings weighed on the indexes, while investors looked ahead to the US Federal Reserve's policy meeting later in the day amid global trade tensions.

The S&P 500 was last down 14.45 points, or 0.23%, to 6,374.98, and the Nasdaq lost 58.64 points, or 0.28%, to 21,119.59. Dow fell 198.93 points to 44,638.52, or 460 points short of its record peak. The indices hit record closes in volatile trading on Monday, aided by the US-EU trade deal that halved tariffs to 15% and increased hopes of agreements ahead of the Aug. 1 deadline.

At opening bell, the indices hit record highs after global investors assessed a slew of earnings reports from major US blue-chip companies. The Dow Jones Industrial Average was down 3.8 points, or 0.01%, at the open to 44833.74. The S&P 500 rose 15.8 points, or 0.25%, at the open to 6405.62​, while the tech-heavy Nasdaq Composite index.

This week is a key stretch for corporate earnings, with “Magnificent Seven” names including Meta Platforms, Microsoft, Apple, and Amazon, all set to report results on Wednesday and Thursday. Traders evaluated some mixed results on Tuesday.

Shares of Boeing were lower even after a solid earnings print as the company delivered the most airplanes since 2018. Procter & Gamble stock inched higher on a better-than-expected full-year revenue forecast and the naming of an insider as CEO.

The US central bank is set to begin its two-day policy meeting. While the Fed is expected to leave rates unchanged on Wednesday, traders will closely analyze policymakers' remarks to gauge the timing of future moves. Ahead of the US Fed policy verdict, Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd said in interview with NDTV Profit that the Fed would likely hold the key interest rates steady on July 30.

According to the CME FedWatch tool, markets are pricing in about a 63% chance of a rate cut in September. The meeting comes amid the White House's campaign on the central bank to lower borrowing costs, including Trump's persistent criticism of US Fed Chair Jerome Powell and occasional suggestions to remove him from his position.