US STOCKS-Wall St dips, earnings on deck from Apple and Twitter
* Fed began two-day monetary policy meeting on Tuesday
* McDonald's, Verizon fall on weak results
* Caterpillar, Texas Instruments rise on upbeat earnings, forecast
* Indexes: Dow -0.33 pct, S&P -0.16 pct, Nasdaq +0.07 pct (Updates to afternoon trading)
By Noel Randewich
July 26 (Reuters) - U.S. stocks dipped on Tuesday as Federal Reserve policymakers kicked off a two-day interest rate meeting and investors braced for quarterly scorecards from Apple and Twitter.
It was the second day of declines after a recent rally to consecutive record highs on the S&P 500 that has stretched price-to-earnings multiples to levels that some investors say presumes that companies will beat second-quarter estimates.
Six of the 10 major S&P sectors declined, led by a 1.5 percent drop in the telecom services index. Verizon Communications shares fell 2 percent after the company's subscriber numbers fell below estimates.
Caterpillar's shares jumped 4.2 percent to touch a year high after the company's quarterly earnings beat expectations. Continuación...