US stocks were moderately lower on Tuesday, but hovered near record highs as investors waited for Microsoft to lead out Big Tech results as earnings season roars into gear.

The S&P 500 (^GSPC) traded flat after Monday’s winning session lifted the benchmark to another all-time high. The Dow Jones Industrial Average (^DJI) inched 0.1% lower, while contracts on the tech-heavy Nasdaq Composite (^IXIC) also fell about 0.1%.

The “Magnificent Seven” tech megacaps — apart from Tesla (TSLA) — are expected to do much of the heavy lifting for the S&P 500 this earnings season after powering the recent stock rally. Investors will scour Microsoft’s (MSFT) report for signs of more payoff from its vast investments in AI. Results from Alphabet (GOOGL, GOOG) are also due after the bell on Tuesday, while Apple (AAPL), Amazon (AMZN), and Meta (META) are on Thursday’s docket.

General Motors (GM) led out the flood of earnings Tuesday with results that handily beat expectations for sales and revenue in a fourth quarter marked by strikes. GM shares jumped more than 8% in early trading.

Meanwhile, investors are counting down to the Federal Reserve’s interest rate decision at the end of its two-day meeting on Wednesday. The question of whether cuts will happen in March or May is currently the subject of intense debate on Wall Street as markets hang near records.

Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

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