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* Alphabet set for worst day in 7 yrs on revenue miss

* Merck, Pfizer rise after earnings beat

* GE jumps on higher profit, slower cash burn

* Two-day FOMC meeting kicks off

* Indexes off: Dow 0.15%, S&P 0.25%, Nasdaq 0.90% (Updates to early afternoon)

By Shreyashi Sanyal and Sruthi Shankar

April 30 (Reuters) – The S&P 500 and the Nasdaq on Tuesday retreated from all-time highs hit in the previous session, after shares of Google-parent Alphabet tumbled following a revenue miss and Apple dropped ahead of its results.

The two major indexes broke above record levels on Monday as investors took comfort from a largely