(Reuters) - Wall Street fell sharply on Tuesday as investors took gains off the table following a recent rally and ahead of an upcoming quarterly reporting season that is expected to reveal sharply lower earnings.

Following a 13-percent surge over the past seven weeks, the S&P 500 declined 1.01 percent, with all 10 sectors down and a sharp drop in pharmaceutical company Allergan.

It was the S&P's first decline in six sessions, leaving the index flat for 2016.

As S&P 500 companies hand in their first-quarter reports over the next several weeks, average earnings are expected to fall 7.1 percent from the year-ago period, with the energy sector weighing most heavily, according to Thomson Reuters data.

Read More: http://www.cnbc.com

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