The S&P 500 slipped less than 0.1% to 6,973.2 after hitting a fresh record of 7,002.28 earlier in the session, according to data compiled by CNBC. Nasdaq Composite was little changed at 23,823.2, and the Dow Jones Industrial Average was steady at 49,016.9.
Energy and technology led the gainers, while health care emerged as the steepest decliner.
ASML (ASML), a Dutch semiconductor equipment manufacturer, reported a year-over-year jump in Q4 earnings and sales, and its outlook for the full-year 2026 revenue comfortably beat consensus.
Seagate Technology's (STX) shares soared 20%, the top gainer on the S&P 500 and the Nasdaq, after the tech giant reported overnight fiscal Q2 earnings and sales above market expectations, and its fiscal Q3 outlook outpaced guidance.
Microsoft (MSFT), Meta Platforms (META), International Business Machines (IBM), and Tesla (TSLA) are scheduled to report quarterly earnings after the markets close.
The Fed is due to announce its latest monetary policy decision at 2 pm ET, with Chair Jerome Powell scheduled to hold a press conference at 2:30 pm. Markets widely expect the central bank to keep its benchmark lending rate unchanged, following three straight 25-basis-point cuts delivered last year, according to the CME FedWatch tool.
"Markets will be highly sensitive to Chair Powell's tone on inflation, rate cuts, and the broader policy outlook," Saxo Bank said in a Tuesday report.
Echoing language used in 2024 before pausing rate cuts, the latest December Federal Open Market Committee statement said the "extent and timing" of any additional policy moves would depend on changes in the economic outlook, Stifel said in a note.
"In other words, at this point, with no further compelling evidence of additional cooling in the jobs market, the Committee is likely to cease further rate cuts in the new year, for at least some time," the note said.
Most US Treasury yields rose, with the 10-year Treasury yield up 2.8 basis points to 4.26%. The two-year yield advanced 1.6 basis points to 3.59%.
Gold futures surged 4.2% to $5,292.1 per troy ounce, after hitting a new all-time high intraday. Silver futures soared 8% to $114.41 per troy ounce, set to reclaim its recent peak. Tensions over US-NATO/Greenland issues, the Trump administration's tariff announcements, concerns surrounding the Fed's independence, and gains in US Treasury yields are among the factors driving the blistering rally in precious metals.
The ICE US Dollar Index, which reflects the greenback's performance against a basket of the world's major currencies, rose 0.3% to 96.54, climbing up from its lowest level since early 2022.
West Texas Intermediate crude oil futures advanced 0.7% to $62.82 a barrel.
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