Stock market awaits Fed decision and digests Big Tech earnings as Dow's winning streak enters record books.

The S&P 500 fell as traders awaited the Federal Reserve's interest rate decision and digested earnings reports from major technology companies. Google-parent Alphabet rose over 5% after reporting better-than-expected earnings, while Microsoft slid over 3% due to slowing cloud revenue growth. Snap tumbled 19% after giving weak guidance. Dow component Boeing gained over 4% after reporting a second-quarter beat. The Federal Reserve is expected to raise rates by a quarter percentage point, but some caution against assuming this will mark the end of the rate-hiking cycle. Other companies reporting earnings include Meta, Chipotle, and Mattel.