Indexes mostly edge up ahead of Fed meeting, CPI

The central bank, which will release updated economic and policy projections, is expected to hold steady. Investors will look for clues on when the U.S. central bank may begin to cut interest rates.

"This is an important week for the market in terms of comments and messaging from the Federal Reserve," said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina.

"In addition to that, you're going see Wednesday morning the . Anything related to the economy and anything related to inflation is viewed by the market through the lens of the Federal Reserve."

Traders dialed back expectations for rate cuts in September after Friday's stronger-than-expected jobs data for May, with the odds of a reduction at 50%.

The Industrial Average rose 31.15 points, or 0.08%, to 38,830.14, the S&P 500 gained 3.17 points, or 0.06%, to 5,350.16 and the Nasdaq Composite added 1.60 points, or 0.01%, to 17,134.73.

Apple shares were down 1.9% on the first day of the iPhone maker's annual developer conference. Investors are eager for updates on how it is integrating artificial intelligence into its offerings.

Among the day's gainers, jumped 7.6% after activist investor Elliott Investment Management disclosed it has built up a $1.9 billion position in the company.

shares were up slightly after a 10-for-one stock split that took effect after markets closed on Friday, prompting chatter about chances of its inclusion in the blue-chip Dow.

Declining issues outnumbered advancing ones on the NYSE by a 1.01-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored decliners.

The S&P 500 posted 16 new 52-week highs and 5 new lows; the Nasdaq Composite recorded 51 new highs and 163 new lows.