Stock market today: US stocks waver near records as focus turns to Fed

Stocks opened lower on Tuesday with the Federal Reserve set to kick off its two-day policy meeting.

The S&P 500 (^GSPC) fell about 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) dropped slightly on the heels of fresh all-time closing highs for both indexes. The Dow Jones Industrial Average (^DJIA) was down 0.4%.

The major averages have managed to inch higher despite uncertainty about the economy and scaled-back expectations for rate cuts. Most investors anticipate the Federal Reserve will reduce rates only one time before the end of the year.

On Wednesday afternoon, the Federal Open Market Committee (FOMC) is expected to announce its policy decision following a two-day meeting. Monthly inflation data will also be released on Wednesday, prior to the market open.

Apple (AAPL) shares gained about 2% in early trading, reversing losses from the prior session that followed the iPhone maker’s introduction of AI features at its World Wide Developers Conference on Monday.

Cryptocurrency-related stocks opened lower on Tuesday as bitcoin (BTC-USD) fell to a one-week low, trading just above $69,000 per token. Coinbase (COIN), Marathon Digital (MARA), and MicroStrategy (MSTR) were all down more than 3% in early trading.