REFILE-US STOCKS-Wall Street falls as tech drags; Fed meeting eyed

(Refiles to add "on Tuesday" in paragraph 2)
* Fed policy meeting to start on Tuesday
* Mylan to combine with Pfizer's off-patent medicines unit
* Dow up 0.06%, S&P 500 off 0.30%, Nasdaq down 0.89%

By Shreyashi Sanyal
July 29 (Reuters) - U.S. stocks slid on Monday as technology
shares fell in the run up to earnings from tech companies, which
will test the impact of trade tensions on global growth, and
ahead of the Federal Reserve's policy-setting meeting.
The S&P 500 technology sector .SPLRCT , the index's best
performer so far this year dropped 0.70%. However, a rise in
shares of Apple Inc AAPL.O , ahead of its quarterly report
after markets close on Tuesday, helped support the blue-chip Dow
Industrials index .DJI .
While Refinitiv data shows 76% of the 222 S&P 500 companies
that have reported earnings so far have topped profit estimates,
data on the U.S. economy went in the opposite direction,
supporting action by the Fed on Wednesday.
A quarter point cut to bolster the amount of capital
coursing through financial markets and support borrowing by
ordinary Americans is fully priced in for Wednesday and it will
be policymakers' comments on what next that should define
whether a rally since May continues.
"The key question facing investors now is whether the Fed
can get away with a small number of insurance cuts or whether it
will be pushed towards a more fundamental loosening of policy,"
Neil Shearing, group chief economist at Capital Economics, said
in a note.
Among other stocks, Mylan NV MYL.O jumped 13.87% after it
confirmed reports over the weekend that it was combining with
Pfizer Inc's PFE.N off-patent branded and generic established
medicines business to form a new global player. Pfizer fell 2.28% after the drugmaker slashed its full-year
profit and revenue forecast in an unexpected release of its
quarterly results to go with the deal announcement.
At 10:17 a.m. ET the Dow Jones Industrial Average .DJI was
up 15.83 points, or 0.06%, at 27,208.28, the S&P 500 .SPX was
down 9.05 points, or 0.30%, at 3,016.81 and the Nasdaq Composite
.IXIC was down 73.74 points, or 0.89%, at 8,256.47.
Weighing on the tech-heavy index were declines in shares of
heavyweights Amazon.com Inc AMZN.O and Microsoft Corp
MSFT.O .
Hopes that the Fed would take a more dovish approach to
counter the impact of a protracted U.S.-China trade war has
helped Wall Street's main indexes scale record levels this
month.
But the market's recovery from a torrid month of trading in
May have also been dependent on other indicators like earnings
not being so robust as to make the Fed hold fire.
Markets will see a 25 bps cut as a happy medium, an
indication that things aren't that bad, said Rick Meckler,
partner at Cherry Lane Investments in New Vernon, New Jersey.
Declining issues outnumbered advancers for a 1.33-to-1 ratio
on the NYSE and for a 1.73-to-1 ratio on the Nasdaq.
The S&P index recorded 24 new 52-week highs and no new low,
while the Nasdaq recorded 40 new highs and 54 new lows.