US stocks were mixed on Tuesday but still near record highs as investors watched for a Federal Reserve meeting that should signpost the path of interest rates.
The S&P 500 (^GSPC) fell 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) wavered between positive and negative territory as Apple shares touched all-time highs. The Dow Jones Industrial Average (^DJI) dropped 0.6%.
Stocks have managed to make headway with the S&P 500 and Nasdaq notching recent all-time closing highs 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 envisaged by the Fed in March. Many investors now predict just one reduction before the year's end.
The two-day Fed policy meeting kicking 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.
Read more: How does the labor market affect inflation?
