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Stock market news today: US stocks slip as mixed results from Alphabet, Tesla kick off Big Tech earnings

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Nasdaq Composite,Alphabet,Tesla

A marquee earnings day brings Big Tech results, in focus as investors assess the future of this year's rally.

US stocks slipped on Tuesday as investors weighed early reports on a marquee earnings day, with Big Tech results from Alphabet and Tesla in focus after hours. The benchmark S&P 500 and Dow Jones Industrial Average dropped about 0.2% and 0.1%, respectively, with the tech-heavy Nasdaq Composite finishing the session just below the flatline. Markets have been digesting a rotation away from the megacaps that have fueled this year's rally.

But network revenue, services revenue, along with subscriptions, platforms and devices revenue all disappointed. Shares traded flat immediately following the results. Tesla missed earnings expectations in the second quarter but delivered a beat on the top line with revenue hitting $25.50 billion compared to Wall Street estimates of $24.63 billion. Shares fell about 1%.

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