NEW YORK/MILAN (Reuters) – Shares eased from record peaks on Tuesday as optimism about a global economic recovery was dented by caution before a policy decision by the U.S. Federal Reserve and earnings updates from a number of blue-chip companies. Many investors, however, stayed on the sidelines ahead of the Fed meeting which ends on Wednesday, when the U.S. central bank is expected to confirm that it will maintain its easy monetary policy to bolster the economy. One area of concern was India, which is struggling with surging coronavirus infections that have overwhelmed its healthcare system. Markets were also awaiting results from U.S. tech heavyweights Microsoft Corp and Alphabet Inc later on Tuesday. Companies that represent about 40% of the S&P 500’s market capitalization report from Tuesday through Thursday. Some analysts say the recent rally has made stocks vulnerable to profit taking, given lofty valuations and high expectations going into the reporting season. “We’ve been in a significant rally for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “The laws of gravity tell you that at some point we’re going to see a pullback.” Major U.S. indices were mixed. The Dow Jones Industrial Average rose 3.36 points, or 0.01%, to 33,984.93, the S&P 500 lost 0.9 points, or 0.02%, to 4,186.72 and the Nasdaq Composite dropped 48.56 points, or 0.34%, to 14,090.22.