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On Tuesday, the US equity market remained flat in trade amid investors' wait for the release of highly anticipated earnings reports from tech giants Tesla and Alphabet. The S&P 500 index dropped 0.16%, while the Dow Jones Industrial Average was down 0.14%, and the Nasdaq composite remained unchanged at 0.06%.

The market is ready for a jam-packed week of earnings reports, with these two tech giants set to release quarterly performance after the closing bell. Investors will zero in on Tesla's performance, mauled by headwinds in the first quarter, and since then, investors have warmed up to its prospects.

Those two will be the first of the "Magnificent Seven" technology stocks to report earnings and thus far are going to be scrutinized by investors. If they deliver strength, it could once again kick off the tech rally, which has been quite sluggish in recent times.

Following market news, music-streaming service Spotify surged about 14 percent following the release of its record profits, while parcel delivery company UPS tumbled almost 12 percent as the guidance was missed.

Aside from earnings reports, investors will be watching GDP and inflation data this week. The Federal Reserve's favorite inflation gauge, personal consumption expenditures—PCE—comes out Friday and is expected to show a slowing in inflation.

The Fed's preferred measure of inflation is due to tick lower in the June release, paralleling the month's slower CPI inflation, said Comerica chief economist Bill Adams.

Here's where US indexes stood at the close of trading on Tuesday:

·         S&P 500: 5,555.69 (-0.16%)

·         Dow Jones Industrial Average: 40,357.96 (-0.14% or -57.48 points)

·         Nasdaq composite: 17,997.35 (0.06%)