Stock market today: S&P 500 closes at a record high as investors await the latest Fed decision, May CPI

• The S&P 500 and Nasdaq notched new highs Tuesday as investors geared up for the Fed's policy decision.
• Markets are also awaiting Wednesday's CPI data.

US stocks were mostly higher Tuesday, with the S&P 500 and Nasdaq hitting all-time highs as traders looked ahead to the Federal Reserve's latest policy decision.

Once the central bank's two-day event concludes on Wednesday, investors will tune in to hear remarks from Chairman Jerome Powell, and learn more about where interest rates are headed. Monetary policy isn't expected to change at this meeting, though hope are still high for rate cuts to start in September.

Wednesday's consumer price index report will also help determine this, as a cooler-than-expected inflation reading could bring about a more dovish Fed.

"The consensus expectation is that Headline CPI (including food and energy) will hold steady at 3.4% in May, unchanged from April's update. If so, that will be below the recent highs of 3.7% from September and October, but still well above the 3% recorded last July, and way above the Fed's own 2% target. If recent history is any guide, then there should be widespread relief even if CPI only matches expectations," Trade Nation's senior market analyst David Morrison said.

Apple jumped to a record high on Tuesday, bolstered by excitement over its WWDC event. The firm's unveiled developments were met with fanfare on Wall Street, and the stock jumped as much as 7%.

Meanwhile, Treasury yields fell nearly seven basis points after a 10-year note auction pulled in strong demand.

Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:

• S&P 500: 5,375.32, up 0.27%
• Dow Jones Industrial Average: 38,747.42, down 0.31% (-120.62 points)
• Nasdaq composite: 17,343.55, up 0.88%

Here's what else happened today:

• A correction could hit overvalued stock market leaders - losses would rival the dot-com bubble, RBA's Richard Bernstein told Business Insider.
• Home prices should drop this summer as owners falter to selling pressures, Redfin CEO says.
• A 'renaissance' is coming for boring stocks. Here's how to take part, according to Bank of America.
• Pimco says the wave of commercial real estate distress is starting, and bank failures could start to pop up.
• These are the things the US can do to stop de-dollarization, according to a think tank expert.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil essentially stayed flat at $77.87 a barrel. Brent crude, the international benchmark, rose by 0.31% to $81.85 a barrel.
• Gold edged higher by 0.13% to $2,313.95 per ounce.
• The 10-year Treasury yield dipped seven basis points to 4.4%.
• Bitcoin slid 3.3% to $67,166.