The S&P 500 Index dipped lower on Tuesday as investors looked about toward mega-cap tech earnings due after closing bell. The broader market index slipped 0.5% lower, while the Dow Jones Industrial Average climbed over 200 points and the tech-heavy Nasdaq Composite lost 1.3%. Traders are also preparing for the conclusion of the Federal Reserve's two-day policy meeting on Wednesday.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -0.50% or -27.11 points to 5,436.43

Dow Jones Industrial Average (DIA  ): +0.50% or +203.86 points to 40,743.79

Nasdaq Composite Index (QQQ  ): -1.28% or -222.78 points to 17,147.42

In Economic News:

Job Openings slipped in June as the hiring hate reached its lowest level in nearly 11 years, when excluding COVID-impacted data, the Labor Department's Jobs Openings and Labor Turnover Survey showed on Tuesday.

Available jobs totaled 8.18 million last month, declining from May's upwardly revised print of 8.23 million. Meanwhile, the ratio of openings to unemployed workers remains around 1.2 to 1, and the hiring level declined by 314,000, bringing the rate to 3.4%, or its lowest level since October 2013.

Consumer Confidence rose in July, the Conference Board's consumer confidence index showed on Tuesday, even as outlooks were impacted by current business and labor market conditions. The index rose to a reading of 100.3 in July from June's print of 97.8.

"Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year," said Dana Peterson, chief economist at the Conference Board, in a statement. "Expectations for future income improved slightly, but customers remained generally negative about business and employment conditions ahead."

On the Earnings Front:

Pfizer (PFE  ) reported strong second-quarter revenue and earnings on Tuesday and raised its full-year outlook, as the pharmaceutical giant benefited from increased sales of its COVID antiviral Paxlovid and other non-COVID products. The company now expects adjusted earnings of $2.45 to $2.65 per share for its fiscal year on revenue between $59.5 billion and $62.5 billion.

"This quarter's results are a testament to the performance of our commercial business and our prudent approach to improving our cost base," Pfizer CFO Dave Denton said during the company's earnings call on Tuesday.

Procter & Gamble (PG  ) reported weak fiscal fourth-quarter revenue on Tuesday as waning demand in China, its second largest market, impacted consumer goods giant's results. However, the company's volume increased for the first time in over two years, rising by 1% due to increasing demand for its health-care, grooming, and home-care products.

For fiscal 2025, P&G expects core net earnings per share between $6.91 to $7.05 and reiterated its revenue outlook for growth in a range of 2% to 4%.

Merck (MRK  ) shares came under pressure after the drugmaker issued weaker-than-expected earnings guidance for its full-year despite its better-than-expected second-quarter results. The company lowered its adjusted profit guidance to a range of $794 and $8.04 per share, from its previous guidance of $8.53 to $8.65 per share. However, Merck raised its full-year sales forecast to a range of $63.4 billion to $64.4 billion on increased demand for key products.

JetBlue Airways (JBLU  ) posted a surprise second-quarter profit on Tuesday, those it was down nearly 82% year-over-year. The airlines has been cutting unprofitable routes and reducing costs, with plans to defer another $3 billion in aircraft spending through 2029, to improve cash flow during the quarter. JetBlue said the changes will help the company add $800 million to $900 million in pretax profit from 2025 through 2027.

"We have and are taking aggressive action on every front," CEO Joanna Geraghty said during the company's earnings call with analysts on Tuesday.

For Wednesday:

Traders will assess the latest earnings reports from companies including Microsoft (MSFT  ), Advanced Micro Devices (AMD  ), Starbucks (SBUX  ) and Boeing (BA  ) on Wednesday, as well as the Fed's latest policy decision; the majority of market participants expect the central bank to hold interest rates at their current target range.