Apple's surge led to new records for the S&P 500 and Nasdaq on Tuesday, while the Dow fell
The S&P 500 and Nasdaq Composite reached new closing highs on Tuesday, driven by Apple's rise to a record, as reported by CNBC.
The S&P 500 increased by 0.27 percent, closing at 5,375.32, and the Nasdaq Composite added 0.88 percent to finish at 17,343.55. Conversely, the Dow Jones Industrial Average dropped 120.62 points, or 0.31 percent, closing at 38,747.42.
Investors shifted from Nvidia to Apple, which unveiled new iPhone features. Apple jumped nearly 7.3 percent, while Nvidia fell 0.7 percent.
The Federal Reserve began its two-day policy meeting, with an interest rate decision expected. Despite signs of economic slowdown, concerns remain that this will not prompt rate cuts in 2024. Marko Kolanovic of JPMorgan suggested that rate cuts might occur in November.
Fed funds futures show no chance of a cut in upcoming meetings, with a possible rate cut in November at 66 percent.
Bill Merz from US Bank Wealth Management indicated that markets are preparing for a hawkish message from the Fed. Key focus points will include the dot plot and economic projections. Investors are also watching the May consumer price index reading before the Fed's decision.
