Stocks gave up earlier gains on Tuesday and dipped into the red as Wall Street's recent stretch of strength took a pause ahead of the Federal Reserve's interest rate decision on Wednesday. Investors also digested mixed earnings reports and economic data while also monitoring the latest trade developments ahead of Friday's deadline.

The Dow Jones Industrial Average (DIA  ) fell over 200 points to settle at 44,632.99 on Tuesday, while the broader market S&P 500 Index (SPY  ) slipped 0.3% from its record high reached in the previous session to close at 6,370.86. The tech-heavy Nasdaq Composite (QQQ  ) also fell nearly 0.4% to end the day at 21,098.29.

Corporate earnings were in the spotlight on Tuesday, with Boeing (BA  ) share falling over 4% after the aerospace giant said it delivered the most airplanes since 2018 during the quarter. CEO Kelly Ortberg said the company is "starting to see a difference in our performance across the business" and that he expects 2025 to be Boeing's "turnaround year" as it continues to recover from multiple crises.

Procter & Gamble (PG  ) shares also slipped lower after the consumer products giant warned it expects to take a $1 billion profit hit next year due to President Donald Trump's tariffs. The company also announced late Monday that current Chief Operating Officer Shailesh Jejurikar will succeed CEO Jon Moeller on Jan. 1, 2016.

UPS (UPS  ) reported mostly in-line second-quarter earnings on Tuesday, but declined to issue current quarter or full year guidance, with CEO Carol Tome telling analysts that tariff policies are creating "a very unsettling time" for the delivery sector.

"Changes in trade policy have not been cemented and the impact on customer demand and the overall economy is unknown," Tome said during the company's earnings call.

On the economic front, consumer confidence rose in July, the Conference Board reported Tuesday, but still remains lower year-over-year as labor market concerns weigh on American outlooks. The headline Consumer Confidence Index rose to 97.2 in July, coming ahead of June's revised print of 95.2 and above economist expectations.

"In July, pessimism about the future receded somewhat, leading to a slight improvement in overall confidence. All three components of the Expectation Index improved, with consumers feeling less pessimistic about future business conditions and employment, and more optimistic about future income," Stephanie Guichard, senior economist of global indicators at The Conference Board, said in a statement. "Meanwhile, consumers' assessment of the present situation was little changed."

Job openings declined in June as hiring levels decreased, the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) showed on Tuesday, reflecting a still slowing labor market. The month concluded with 7.44 million openings, below the 7.71 million seen in May -- which was the highest number of job openings since November 2024.

Beneath the headline, hires came in at 5.2 million in June, below May's 5.47 million, while the quits rate, which measures worker confidence, fell slightly to 3.14 million.

In the news, Novo Nordisk (NVO  ) shares fell Tuesday after the Danish pharmaceutical giant cut its full-year guidance to support weaker growth expectations for its blockbuster diabetes treatment Ozempic and obesity drug darling Wegovy in the U.S. market, reflecting "the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition."

The company also named veteran Maziar Mike Doustdar as its new CEO, effective Aug. 7, following the surprise outing of Lar Fruergaard Jørgensen back in May.

Novo Nordisk now expects full-year sales growth of 8% to 14% at constant exchange rates, compared to its prior target range of 13% to 21%. The company also expects its annual operating profit growth to come between 10% to 16%, from its previous target of 16% to 24%.

Looking ahead, market participants are cautious ahead of the Federal Reserve's next monetary policy decision due out Wednesday afternoon. While the central bank is widely expected to hold interest rates at their current range of 4.25% to 4.50%, investors will be looking for further guidance on possible cuts starting in September.

Wednesday will also host another large batch of earnings reports from companies including Starbucks (SBUX  ), Microsoft (MSFT  ), Meta Platforms (META  ), Qualcomm (QCOM  ), Arm Holdings (ARM  ) and Ford (F  ).