(Updates with market close)

* Declines in chip stocks offset by staples, healthcare

* Amazon ( AMZN ), Meta, Apple ( AAPL ) and Microsoft ( MSFT ) to report later this

week

* Coca-Cola, Boeing ( BA ) gain after quarterly results

By Noel Randewich

July 28 (Reuters) - The S&P 500 ended higher on Tuesday as

gains in Boeing ( BA ) and Coca-Cola helped offset tumbling chip stocks

ahead of quarterly reports from Apple ( AAPL ) and other tech companies

this week.

Global markets have been volatile this month as investors

worry that Alphabet, Microsoft ( MSFT ), Amazon ( AMZN ) and other technology

heavyweights may be overspending on AI data centers as they race

to dominate the emerging technology.

Microsoft ( MSFT ) rose ahead of its report on Wednesday,

while Amazon ( AMZN ) was near flat ahead of its results on

Thursday.

Apple ( AAPL ) climbed and lifted its stock market value to $5

trillion for the first time. The iPhone maker reports its

results on Thursday.

The S&P 500 healthcare and consumer staples

indexes each rallied, while declining chipmakers kept

the tech index in negative territory.

"What has been behind the move into these non-tech names?

Part of it is value," said Ross Mayfield, investment strategy

analyst at Baird in Louisville, Kentucky. "GDP is solid, the

labor market continues to churn along and, in a lot of places,

there's evidence that consumer spending is reaccelerating."

Coca-Cola rallied after the beverage company raised its

annual revenue and profit forecasts.

Boeing ( BA ) jumped after the airplane maker generated positive

free cash flow as its turnaround plans gained momentum.

According to preliminary data, the S&P 500 gained

17.07 points, or 0.23%, to end at 7,430.25 points, while the

Nasdaq Composite lost 58.88 points, or 0.24%, to

24,873.20. The Dow Jones Industrial Average rose 546.61

points, or 1.05%, to 52,756.69.

FED DECISION IN FOCUS

The Federal Reserve is due to announce its interest-rate

decision on Wednesday. Traders see a 71% probability that the

central bank will leave rates unchanged and a 29% chance of a

25-basis-point rate hike, according to CME's FedWatch tool.

Higher rates could further pressure AI companies that are

becoming more dependent on debt financing.

Corning tumbled after third-quarter sales forecasts

missed estimates, while contract research firm IQVIA Holdings ( IQV )

jumped 12% after lifting its annual profit forecast.

Oil prices offered some broader relief, with Brent falling 4.8%

to settle at $84.09 a barrel on expectations that tensions in

the Middle East and in Ukraine would ease as the White House

hosted Israel's Benjamin Netanyahu and Ukraine's Volodymyr

Zelenskiy.