Stock market today: S&P 500 secures another record as huge week on Wall Street kicks off

All three major indexes closed higher on Monday — with the S&P 500 notching another record — as investors braced for a Federal Reserve policy decision and key inflation data in the week ahead.

The Dow Jones Industrial Average (^DJI) finished the day up about 0.2%, 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 rose about 0.3% and 0.4%, respectively.

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.