Stock market today: S&P 500, Nasdaq notch fresh records with Apple as CPI, Fed decision loom

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Two of the three major averages closed at fresh records on Tuesday as Apple (AAPL) soared to new highs. Investors braced for a new reading on consumer prices and for a Federal Reserve decision that should signpost the path of interest rates.

The S&P 500 (^GSPC) gained 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) gained about 0.9% as Apple closed at an all-time high. The Dow Jones Industrial Average (^DJI) dropped roughly 0.3%.

Stocks have managed to make headway in recent days despite market uncertainty about an economy that may be too hot or too cold for comfort. A string of inconclusive data has fueled skepticism about the likelihood of three rate cuts in 2024 as had been envisaged by the Fed in March. Many investors now predict just one reduction before the year's end.

The two-day Fed policy meeting that kicked off Tuesday is heavily expected to end with borrowing costs kept at their two-decade high. Investors will still watch out for hints on when a shift to cuts will come, with September or November in the frame.

Investors calculating the rate-reduction odds are also looking ahead to May consumer price data due out on Wednesday, given its crucial role in the Fed's deliberations.

Meanwhile, Apple shined in the world of corporates, as shares rallied more than 7% to close at a new record as Wall Street cheered the iPhone maker's big AI debut.

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