NEW YORK (TheStreet) -- Friday's record run was cut short on Monday as the S&P 500 and Nasdaq backed off of their closing highs.

Stocks slumped into the close as nerves ran high in anticipation of Apple's (AAPL) earnings after the bell and the kickoff to the Federal Reserve's two-day meeting on Tuesday.

The S&P 500 was down 0.41%, the Dow Jones Industrial Average slid 0.22%, and the Nasdaq fell 0.63%.

Biotech companies weighed on the Nasdaq, following the lead of Mylan (MYL) and Teva Pharmaceuticals (TEVA). The two were lower after Mylan rejected a $40 billion bid from Teva.

Celldex (CLDX), Biogen (BIIB) and Celgene (CELG) were all lower, while the Health Care SPDR ETF (XLV) declined 1.8% and the iShares Nasdaq Biotechnology Index ETF (IBB) fell 4.3%. Biotech company Celladon (CLDN) tanked nearly 81% after a trial of its heart failure treatment missed its primary and secondary endpoints.

Apple earned $2.33 a share in its second quarter, 17 cents better than expected. Revenue jumped 27.1% to $58.01 billion, beating estimates by $1.95 billion. The company sold 61.2 million iPhones and 12.6 million iPads over the quarter. 

The Fed will convene for its monthly two-day meeting on Tuesday. The central bank is widely expected to maintain its crisis-level interest rate policy for another month, though its statement on Wednesday will be closely examined for clues as to when a hike could occur.

"The market has held to the gains made last week off of what has been, frankly, a wait-and-see overnight session with little data or concrete news to speak of," said CRT Capital's David Ader. "In the U.S. we wait for the FOMC with low expectations and really turn attention to (nonfarm payrolls) next week if we can sidestep overseas events."

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