Traders work on the floor at the New York Stock Exchange.

Brandon McDermid | Reuters

gave S&P 500 And Nasdaq Composite A fresh closing record was reached on Tuesday, leading the move to the upside. apple As the iPhone maker reached an all-time high.

The broad market index rose 0.27 percent to close at 5,375.32, while the Nasdaq Composite added 0.88 percent to 17,343.55. Both indices also jumped to fresh all-time highs during the day. On the other hand, the 30-stock Dow Jones Industrial Average closed down 120.62 points, or 0.31 percent, at 38,747.42.

On Tuesday, investors appeared to be taking profits in the artificial intelligence star Nvidia And emerging AI is swirling into play. applewhich only New features unveiled. Analysts said this could trigger a wave of iPhone upgrades. iPhone maker Hit a record During the session — its first since last December — it jumped nearly 7.3 percent. Nvidia lost 0.7%.

The Federal Reserve began its two-day policy meeting on Tuesday. It will conclude on Wednesday with an interest rate policy decision and later a press conference featuring Fed Chair Jerome Powell. While some indicators show signs of a slowing economy, investors are increasingly concerned that this will not be enough to motivate the US Federal Reserve to cut rates in 2024.

Marko Kolanovic, JPMorgan’s top equity strategist, cautioned that the prospect of a rate cut has diminished after a stronger-than-expected May jobs report. “We see little chance of easing this year, and the Fed’s first rate cut is now only expected in November,” He wrote.

Fed funds futures showed no chance of a cut at this week’s meeting or at the next meeting in July. CME’s FedWatch tool. However, it is a coin toss whether the central bank will cut rates in September. Investors are also pricing in a 66% chance of a rate cut in November.

“Overall, the market is starting to prepare for a bit of a weird message from the Fed — not necessarily that they’re going to raise rates, but just that it’s going to take longer to bring rates down,” Bill said. Bill said. Merz, head of capital markets research at US Bank Wealth Management.

He added that the main focal points for markets in this meeting will be the Fed’s dot plot and summary of economic projections. Ahead of the Fed’s decision on Wednesday, investors will also be closely watching consumer price index readings for May.

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