Stock market today: Nasdaq, S&P 500 turn higher ahead of huge week on Wall Street

On the reported Monday, the Dow Jones Industrial Average (^DJI) dropped around 0.1%, while the benchmark S&P 500 (^GSPC) climbed about 0.1% and the tech-heavy Nasdaq Composite (^IXIC) rose by approximately 0.3%. This shows that the Dow Jones Industrial Average underperformed compared to the Nasdaq Composite and the S&P 500 on that day.

Investors are primarily focused on two key events this week: the Federal Reserve's policy decision and the release of the Consumer Price Index (CPI) inflation reading for May. Both of these events are scheduled for Wednesday. The Fed's decision will be closely watched as traders are expecting the central bank to keep interest rates at a two-decade high for longer due to signs of strength in the May nonfarm payrolls report. The CPI data will provide another significant test for stocks, as it will offer insights into the current state of inflation and potentially influence the Fed's future decisions on interest rates. Additionally, investors are also keeping an eye on Nvidia's stock split and Apple's highly anticipated developers conference, both of which are taking place on Monday.