Tech stocks on Tuesday led the market lower ahead of this week's release of key economic reports and quarterly earnings from the world's biggest banks.

The Dow Jones Industrial Average rose 35.78 points, or 0.12%, to 29,238.66. The S&P 500 dropped 23.69 points, or 0.66%, to 3,588.70, and the Nasdaq Composite was down 115.91 points, or 1.10%, to 10.426.19.

The Labor Department is scheduled to release its producer price report, a measure of wholesale inflation, on Wednesday. The department will release its consumer price index on Thursday.

The Federal Reserve relies on data from both reports in determining whether and how much to increase interest rates. The Fed has hiked interest rates five times this year and officials there have said they anticipate further increases to stifle inflation, which is at a four-decade high.

Financial institutions JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC), Morgan Stanley (MS) and Citigroup (C) all report earnings on Friday.

Qualcomm (QCOM) was a big loser on the day, falling $4.57, or 3.99%, to close at $110.03. Intel (INTC) closed at $25.04, down $0.16, or 0.63%.

Some of the stocks that fall Tuesday included Apple (AAPL), which fell $1.44 a share, or 1.03%, to $138.98, and Netflix (NFLX), which dropped $15.69 a share, or 6.82%, to $214.29.

"This is an awful stock market environment that is grappling with a weakening economy, uncertainty over earnings and how long the Fed's tightening will last, and sentiment issues with an extremely risk averse investor psychology," David Bahnsen, chief investment officer of The Bahnsen Group, wrote in a Tuesday note to clients.