Stock market today: Nasdaq, S&P 500 turn higher ahead of huge week on Wall Street

Both the Nasdaq and S&P 500 reversed earlier losses on Monday as investors braced for a Federal Reserve policy decision and key inflation data in the week ahead, with Nvidia (NVDA) and Apple (AAPL) events in immediate focus.

The Dow Jones Industrial Average (^DJI) dropped around 0.1%, coming off a muted end to a winning week for the three major gauges. The benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each climbed about 0.1% and 0.3%, respectively.

Stocks are treading water after signs of strength in a mixed May nonfarm payrolls report reinforced bets that the Fed will keep interest rates at a two-decade high for longer. Trader expectations for a cut in September have fallen, while those for November have risen, according to the CME FedWatch tool.

Read more: How does the labor market affect inflation?

Investors are now looking ahead to the Fed's next rate decision and May's Consumer Price Index inflation reading, both due on Wednesday, which will provide another big test for stocks.