05:15 PM EDT, 07/29/2025 (MT Newswires) -- US equities fell on Tuesday as markets awaited the Federal Reserve's interest rate decision, while assessing the latest corporates results.

The Dow Jones Industrial Average declined 0.5% to 44,633. The Nasdaq Composite dipped 0.4% to 21,098.3, after notching record closing highs over the last four sessions. The S&P 500 dropped 0.3% to 6,370.9, retreating after a six-day record run.

Most sectors ended in the red, led by industrials, while real estate saw the biggest gain.

The Fed's two-day meeting will conclude Wednesday. Markets widely expect the central bank to again leave interest rates unchanged, according to the CME FedWatch tool.

"The decision is unlikely to be unanimous," Saxo Bank Chief Investment Strategist Charu Chanana said in a Tuesday note. "A dissent from key members such as (Governor Christopher Waller) or (Vice Chair for Supervision Michelle Bowman) could shift market expectations toward a September move. That would likely trigger a rally in bonds and rate-sensitive equities, while putting downward pressure on the (US dollar)."

Earlier this month, Fed Governor Adriana Kugler said she favored holding rates steady "for some time" amid tariffs-induced upward pressure on inflation. US President Donald Trump has repeatedly called on the central bank to cut interest rates, while ramping up his criticism against Fed Chair Jerome Powell.

"While there's no immediate risk of Powell being fired, Trump is likely to continue undermining the Fed's autonomy and credibility through public jabs," Chanana said. "His strategy appears aimed at creating a scapegoat if economic conditions weaken closer to the election."

US Treasury yields were lower, with the 10-year rate dropping 9.2 basis points to 4.33% and the two-year rate losing 4.3 basis points to 3.88%.

In company news, Novo Nordisk's ( NVO ) US-listed shares slumped nearly 22% as the Danish drugmaker named a new chief executive and tempered its 2025 outlook amid market challenges hurting sales of its obesity and diabetes drugs.

UnitedHealth Group ( UNH ) provided a new full-year guidance that fell short of market estimates, while the health insurance giant's second-quarter earnings declined more than expected on an annual basis. Its shares slumped 7.5%, the worst performer on the Dow.

Corning (GLW) was the top gainer on the S&P 500, up nearly 12%, as the company outlined an upbeat third-quarter financial outlook following a second-quarter beat.

United Parcel Service ( UPS ) shares slumped nearly 11%, the second-worst performer on the S&P 500. The package delivery company's second-quarter results fell from a year earlier while the company opted not to issue a revenue or operating profit guidance for the full year due to macroeconomic uncertainty.

Boeing ( BA ) was down 4.4%. The plane maker's second-quarter loss narrowed more than Wall Street's estimates amid its efforts to improve operations, while revenue topped expectations, buoyed by a jump in the commercial planes segment.

Paypal's ( PYPL ) shares slid 8.7% as its third-quarter earnings guidance missed Wall Street's estimates at the mid point.

West Texas Intermediate crude oil jumped 4.1% to $69.46 a barrel in Tuesday late-afternoon trade.

The US and China concluded talks in Stockholm, Sweden. Trump must sign off on a potential extension of a tariff pause between the two sides, CNBC reported, citing US negotiators.

US Commerce Secretary Howard Lutnick encouraged South Korean officials to put forward their best trade deal during a recent meeting in Scotland, The Wall Street Journal reported Tuesday, citing unnamed sources.

The US and the European Union recently announced a trade deal, under which the bloc agreed on a 15% tariff on most of its exports, including automobiles.

Gold was up 0.4% at $3,323.9 per troy ounce, while silver added 0.3% to $38.33 per ounce.