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 hit new highs on Tuesday as investors prepared for the Federal Reserve's policy decision.
• Markets are also awaiting Wednesday's CPI data.
• Apple shares soared as much as 7% as Wall Street held its WWDC event.

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U.S. stocks mostly rose on Tuesday, with the S&P 500 and Nasdaq hitting all-time highs as traders awaited 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 is not expected to change at this meeting, although hopes are still high for rate cuts. start in september.

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

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

Apple jumped to a record high on Tuesday, fueled by enthusiasm for its WWDC event. The advances revealed by the company were received with fanfare on Wall Street, and the shares rose up to 7%.

Meanwhile, Treasury yields fell nearly seven basis points after an auction of 10-year bonds generated strong demand.

Here's where the US indices were at the 4:00 pm closing bell on Tuesday:

This is what happened today:

In commodities, bonds and cryptocurrencies:

• West Texas Intermediate Crude oil was essentially flat at $77.87 a barrel. Brent CrudeThe international benchmark index rose 0.31% to $81.85 a barrel.
• Gold rose 0.13% to $2,313.95 an ounce.
• The 10-year Treasury yield fell seven basis points to 4.4%.
• bitcoin fell 3.3% to $67,166.