* Verizon up after upbeat FY forecast

* GE's Q1 outlook disappoints, shares fall

* Netflix results on tap after the bell

* Indexes: S&P 500 +0.07%, Nasdaq +0.13%, Dow -0.30%

Jan 23 (Reuters) - The S&P 500 rose marginally on Tuesday as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Netflix, Tesla and other companies later this week.

The S&P 500 is trading near record highs, and many investors view upcoming quarterly reports from the heavily weighted "Magnificent 7" group of megacap companies as key to whether Wall Street's recent rally continues or loses steam.

"It's a crescendo of reports tomorrow and Thursday, and then next week will be even busier," said Art Hogan, chief market strategist at B. Riley Wealth. "We've got a lot of things to contemplate over the course of this week and next that will likely will end up being a market positive."

3M tumbled more than 11% after forecasting dour annual earnings, while Johnson & Johnson dipped 1.3% after reporting quarterly results just above expectations.

D.R. Horton dropped almost 10% after the homebuilder missed estimates for first-quarter profit.

Verizon Communications rallied 5.7% after forecasting a strong annual profit and posting its highest quarterly subscriber additions in nearly two years, while Procter & Gamble gained 4.5% after it topped second-quarter profit expectations.

Netflix dipped 0.3% ahead of its report after the market closes. Tesla, which reports late on Wednesday, declined 0.4%.

Analysts on average see S&P 500 fourth-quarter earnings up 4.6% year over year, compared to 7.5% growth in the third quarter, according to LSEG data.

Stock market valuations appear rich. The S&P 500 is trading at about 20 times forward 12-month earnings estimates, well above its long-term average of 16 times, according to LSEG.

"Earnings for all equity classes peaked and will move lower as the economy weakens and revenue growth stalls," Wells Fargo senior global market strategist Sameer Samana warned in a note.

The S&P 500 hit an intraday record high on Monday, extending a rally fueled by expectations of lower interest rates and optimism around artificial intelligence.

The S&P 500 was up 0.07% at 4,854.01 points.

The Nasdaq gained 0.13% to 15,380.62 points, while the Dow Jones Industrial Average was down 0.30% at 37,887.10 points.

The personal consumption expenditure (PCE) index - the Federal Reserve's preferred inflation gauge, as well as the S&P Global PMI readings and an advance fourth-quarter GDP print this week will be key in assessing the central bank's next interest rate decision when it meets on Jan. 31.

The Fed will wait until the second quarter before cutting rates, according to a Reuters poll, with June now seen more likely than May.

Declining stocks outnumbered rising ones within the S&P 500 by a 1.2-to-one ratio.

The S&P 500 posted 28 new highs and 1 new lows; the Nasdaq recorded 90 new highs and 76 new lows.

(Reporting by Ankika Biswas, Johann M Cherian and Shubham Batra in Bangalore and by Noel Randewich in Oakland. Calif.; Editing by Pooja Desai, Maju Samuel and Aurora Ellis)